Template-Type: ReDIF-Article 1.0 Author-Name: John F. Henry Author-X-Name-First: John F. Author-X-Name-Last: Henry Title: A Neoliberal Keynes? Abstract: The standard perspective of post-Keynesians and others is that John Maynard Keynes represents an alternative (and antidote) to the neoliberal theory and practice that has dominated the world economy since the 1970s. The position taken in this article is that Keynes actually represents one version of neoliberalisms (plural), but a version that is hostile to that promoted by the dominant form of neoliberalism represented by theorists such as Milton Friedman and other Chicago economists. Keynes’s version, shorn of specific technical features, is similar to several variants of neoliberal arguments. In this article, neoliberalism as an ideology will be evaluated, and the relation between neoliberalisms and society in general will be examined. Journal: International Journal of Political Economy Pages: 199-224 Issue: 3-4 Volume: 47 Year: 2018 Month: 10 X-DOI: 10.1080/08911916.2018.1517460 File-URL: http://hdl.handle.net/10.1080/08911916.2018.1517460 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:47:y:2018:i:3-4:p:199-224 Template-Type: ReDIF-Article 1.0 Author-Name: Maria N. Ivanova Author-X-Name-First: Maria N. Author-X-Name-Last: Ivanova Title: Quantitative Easing: A Postmortem Abstract: The unconventional monetary policy of the Federal Reserve (Fed) during the global financial crisis of 2007–2009 and its aftermath is often credited with averting another Great Depression. The Fed’s interventions unfolded over two periods, which can be distinguished with regards to the particular tools employed and goals pursued. Lowering risk and liquidity premiums by propping up the prices of private assets was deemed essential for restoring the flow of credit and the orderly function of financial markets during the first period and in the early months of the second period. Reducing interest-rate spreads for the purpose of lowering borrowing costs and boosting total spending in the economy became a major goal of monetary policy during the second period. The purpose of monetary policy changed over time, but the targeted channels of its effects remained largely unaltered. While conventional monetary policy targets interest rates, unconventional monetary policy targeted asset prices. Starting with an overview of the two periods in the conduct of monetary policy, this article explores the theoretical justifications and practical implications of unconventional monetary policy. It further interrogates the effects of the Fed’s policies on government bond yields and asset prices as well as their macroeconomic and distributional effects. A key observation is that the effects of quantitative easing have been most acutely felt not in a revival of domestic investment and employment but in the staggering distortions in asset prices domestically and globally. The macroeconomic effects of unconventional monetary policy pale in comparison with its distributional effects. Journal: International Journal of Political Economy Pages: 253-280 Issue: 3-4 Volume: 47 Year: 2018 Month: 10 X-DOI: 10.1080/08911916.2018.1517461 File-URL: http://hdl.handle.net/10.1080/08911916.2018.1517461 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:47:y:2018:i:3-4:p:253-280 Template-Type: ReDIF-Article 1.0 Author-Name: Patrick O’Sullivan Author-X-Name-First: Patrick Author-X-Name-Last: O’Sullivan Title: The Capital Asset Pricing Model and the Efficient Markets Hypothesis: The Compelling Fairy Tale of Contemporary Financial Economics Abstract: The Capital Asset Pricing Model and the Efficient Markets Hypothesis, two central aspects of the theorizing of contemporary financial economics, have been subject to a barrage of specific criticisms but remain resilient and indeed centerpieces of the theorizing and highly influential policy advice of leading contemporary financial economists. This article seeks to bring together all of these various criticisms to show that while the closely related twin theories might be able to withstand many of the specific criticisms taken individually, when all are taken together in a critical philosophical assessment, the verdict on them is damning; they are clearly empirically falsified (in the Popperian sense) and harbor, moreover, some highly challengeable if not incoherent presumptions regarding human rationality. It will be concluded that their persistence, despite these manifest defects as central theories of financial economics, is due to the ideological role they play in the mythology of Market Fundamentalism. The originality of the article lies not so much in the long list of criticisms of the twin theories (since these are well rehearsed); it lies in taking all of these criticisms together and seeing them through an epistemological and political philosophical perspective. Journal: International Journal of Political Economy Pages: 225-252 Issue: 3-4 Volume: 47 Year: 2018 Month: 10 X-DOI: 10.1080/08911916.2018.1517462 File-URL: http://hdl.handle.net/10.1080/08911916.2018.1517462 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:47:y:2018:i:3-4:p:225-252 Template-Type: ReDIF-Article 1.0 Author-Name: Bruno Sovilla Author-X-Name-First: Bruno Author-X-Name-Last: Sovilla Title: Increasing the Minimum Wage with the State as Employer of Last Resort: A “Predistribution†Proposal for Mexico Abstract: Mexico is a country of extreme inequality where opposition from politico-economic elites has prevented implementation of redistributive policies that Nicholas Kaldor suggested half a century ago as a means of funding increased social spending and making the tax system more progressive. In this article, we recommend less-conventional means of reducing inequality. Rather than waiting for production to increase, after which government would intervene through taxes and transfers (redistributive policies), we propose that the functioning of the labor market be modified in ways that will distribute the fruits of economic activity more equitably (predistributive policies). Specifically, we propose an increase in the minimum wage, made effective by a public employment program. This proposal, made within the framework of Lerner’s functional-finance theory, follows the recommendations of Keynes and Minsky. Journal: International Journal of Political Economy Pages: 330-351 Issue: 3-4 Volume: 47 Year: 2018 Month: 10 X-DOI: 10.1080/08911916.2018.1517463 File-URL: http://hdl.handle.net/10.1080/08911916.2018.1517463 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:47:y:2018:i:3-4:p:330-351 Template-Type: ReDIF-Article 1.0 Author-Name: Peter Temin Author-X-Name-First: Peter Author-X-Name-Last: Temin Title: The Political Economy of Mass Incarceration and Crime: An Analytic Model Abstract: This article presents a model of mass incarceration in the United States, which has the largest proportion of its population imprisoned among advanced countries. Although the 1968 Kerner Commission recommended integrating blacks into the larger American community, political decisions pushed American judicial policies in the opposite direction. The model demonstrates that the United States has moved from one equilibrium position to another. It explains why the growth of prisoners has ceased in the last decade and what would be needed to return to the original equilibrium. Journal: International Journal of Political Economy Pages: 317-329 Issue: 3-4 Volume: 47 Year: 2018 Month: 10 X-DOI: 10.1080/08911916.2018.1517464 File-URL: http://hdl.handle.net/10.1080/08911916.2018.1517464 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:47:y:2018:i:3-4:p:317-329 Template-Type: ReDIF-Article 1.0 Author-Name: Öner Tulum Author-X-Name-First: Öner Author-X-Name-Last: Tulum Author-Name: William Lazonick Author-X-Name-First: William Author-X-Name-Last: Lazonick Title: Financialized Corporations in a National Innovation System: The U.S. Pharmaceutical Industry Abstract: There are widespread claims that a productivity crisis afflicts the U.S. pharmaceutical industry despite the fact that the U.S. institutional environment provides unique advantages for drug R&D. We argue that the explanation for this productivity paradox is the “financialization†of the U.S. pharmaceutical industry. Driven by shareholder-value ideology, the U.S. pharmaceutical industry has adopted a highly financialized business model. Its key performance metrics are stock-price yield and dividend yield, supported by distributions to shareholders through large-scale stock buybacks and cash dividends. With this financial behavior incentivized by stock-based executive pay, value extraction from corporations for the sake of distributions to shareholders comes at the expense of drug innovation. Simultaneously, however, a number of less-financialized European companies are making use of the U.S. innovation system to outcompete the U.S. companies at home. Arguing that all business enterprises face a tension between innovation and financialization, this article employs the theory of innovative enterprise as a framework for analyzing the evolution of this tension for pharmaceutical companies operating in the United States. We provide evidence of the highly financialized character of the major U.S. pharmaceutical companies in the S&P 500 Index, focusing on distributions to shareholders and the stock-based pay of pharmaceutical executives. After documenting the evolution of the U.S. innovation system for drug R&D since the 1980s and summarizing the U.S. product strategies of seven major European pharmaceutical companies, we pose the hypothesis that under a system of corporate governance supporting innovation, the U.S. innovation system could result in a more innovative pharmaceutical industry. Journal: International Journal of Political Economy Pages: 281-316 Issue: 3-4 Volume: 47 Year: 2018 Month: 10 X-DOI: 10.1080/08911916.2018.1549842 File-URL: http://hdl.handle.net/10.1080/08911916.2018.1549842 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:47:y:2018:i:3-4:p:281-316 Template-Type: ReDIF-Article 1.0 Author-Name: Paul Mattick Author-X-Name-First: Paul Author-X-Name-Last: Mattick Title: Introduction Journal: International Journal of Political Economy Pages: 3-6 Issue: 3 Volume: 22 Year: 1992 Month: 9 X-DOI: 10.1080/08911916.1992.11643840 File-URL: http://hdl.handle.net/10.1080/08911916.1992.11643840 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:22:y:1992:i:3:p:3-6 Template-Type: ReDIF-Article 1.0 Author-Name: Paolo Giussani Author-X-Name-First: Paolo Author-X-Name-Last: Giussani Title: Value of Labor Power and the Wage Journal: International Journal of Political Economy Pages: 7-28 Issue: 3 Volume: 22 Year: 1992 Month: 9 X-DOI: 10.1080/08911916.1992.11643841 File-URL: http://hdl.handle.net/10.1080/08911916.1992.11643841 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:22:y:1992:i:3:p:7-28 Template-Type: ReDIF-Article 1.0 Author-Name: Peter Bartelheimer Author-X-Name-First: Peter Author-X-Name-Last: Bartelheimer Author-Name: Harald Wolf Author-X-Name-First: Harald Author-X-Name-Last: Wolf Title: The Income of Wage Earners Is Declining Journal: International Journal of Political Economy Pages: 29-45 Issue: 3 Volume: 22 Year: 1992 Month: 9 X-DOI: 10.1080/08911916.1992.11643842 File-URL: http://hdl.handle.net/10.1080/08911916.1992.11643842 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:22:y:1992:i:3:p:29-45 Template-Type: ReDIF-Article 1.0 Author-Name: Diego Guerrero Author-X-Name-First: Diego Author-X-Name-Last: Guerrero Title: Labor, Capital, and State Redistribution Journal: International Journal of Political Economy Pages: 46-71 Issue: 3 Volume: 22 Year: 1992 Month: 9 X-DOI: 10.1080/08911916.1992.11643843 File-URL: http://hdl.handle.net/10.1080/08911916.1992.11643843 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:22:y:1992:i:3:p:46-71 Template-Type: ReDIF-Article 1.0 Author-Name: G. Carchedi Author-X-Name-First: G. Author-X-Name-Last: Carchedi Title: On the Use of National Accounts in Value Analysis Journal: International Journal of Political Economy Pages: 72-103 Issue: 3 Volume: 22 Year: 1992 Month: 9 X-DOI: 10.1080/08911916.1992.11643844 File-URL: http://hdl.handle.net/10.1080/08911916.1992.11643844 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:22:y:1992:i:3:p:72-103 Template-Type: ReDIF-Article 1.0 Author-Name: Nicholas Levis Author-X-Name-First: Nicholas Author-X-Name-Last: Levis Title: Introduction Journal: International Journal of Political Economy Pages: 3-14 Issue: 3 Volume: 26 Year: 1996 Month: 9 X-DOI: 10.1080/08911916.1996.11643927 File-URL: http://hdl.handle.net/10.1080/08911916.1996.11643927 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:26:y:1996:i:3:p:3-14 Template-Type: ReDIF-Article 1.0 Author-Name: Paolo Giussani Author-X-Name-First: Paolo Author-X-Name-Last: Giussani Title: Empirical Evidence for Trends Toward Globalization Journal: International Journal of Political Economy Pages: 15-38 Issue: 3 Volume: 26 Year: 1996 Month: 9 X-DOI: 10.1080/08911916.1996.11643928 File-URL: http://hdl.handle.net/10.1080/08911916.1996.11643928 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:26:y:1996:i:3:p:15-38 Template-Type: ReDIF-Article 1.0 Author-Name: Robert Went Author-X-Name-First: Robert Author-X-Name-Last: Went Title: Globalization: Myths, Reality, and Ideology Journal: International Journal of Political Economy Pages: 39-59 Issue: 3 Volume: 26 Year: 1996 Month: 9 X-DOI: 10.1080/08911916.1996.11643929 File-URL: http://hdl.handle.net/10.1080/08911916.1996.11643929 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:26:y:1996:i:3:p:39-59 Template-Type: ReDIF-Article 1.0 Author-Name: Thomas Klein Author-X-Name-First: Thomas Author-X-Name-Last: Klein Title: “Globalization†as a Strategy of Capital Journal: International Journal of Political Economy Pages: 60-68 Issue: 3 Volume: 26 Year: 1996 Month: 9 X-DOI: 10.1080/08911916.1996.11643930 File-URL: http://hdl.handle.net/10.1080/08911916.1996.11643930 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:26:y:1996:i:3:p:60-68 Template-Type: ReDIF-Article 1.0 Author-Name: Ulrich Menzel Author-X-Name-First: Ulrich Author-X-Name-Last: Menzel Title: New Images of the Enemy Journal: International Journal of Political Economy Pages: 69-80 Issue: 3 Volume: 26 Year: 1996 Month: 9 X-DOI: 10.1080/08911916.1996.11643931 File-URL: http://hdl.handle.net/10.1080/08911916.1996.11643931 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:26:y:1996:i:3:p:69-80 Template-Type: ReDIF-Article 1.0 Author-Name: Nicholas Levis Author-X-Name-First: Nicholas Author-X-Name-Last: Levis Title: Globalization and Kulturkampf Journal: International Journal of Political Economy Pages: 81-129 Issue: 3 Volume: 26 Year: 1996 Month: 9 X-DOI: 10.1080/08911916.1996.11643932 File-URL: http://hdl.handle.net/10.1080/08911916.1996.11643932 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:26:y:1996:i:3:p:81-129 Template-Type: ReDIF-Article 1.0 Author-Name: Mario Seccareccia Author-X-Name-First: Mario Author-X-Name-Last: Seccareccia Title: Editor’s Note Journal: International Journal of Political Economy Pages: 3-3 Issue: 3 Volume: 43 Year: 2014 Month: 7 X-DOI: 10.1080/08911916.2015.1001643 File-URL: http://hdl.handle.net/10.1080/08911916.2015.1001643 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:43:y:2014:i:3:p:3-3 Template-Type: ReDIF-Article 1.0 Author-Name: Nadia Garbellini Author-X-Name-First: Nadia Author-X-Name-Last: Garbellini Author-Name: Ariel Luis Wirkierman Author-X-Name-First: Ariel Luis Author-X-Name-Last: Wirkierman Title: Piketty Versus Pasinetti: A Comment on Taylor Journal: International Journal of Political Economy Pages: 35-43 Issue: 3 Volume: 43 Year: 2014 Month: 7 X-DOI: 10.1080/08911916.2015.1001664 File-URL: http://hdl.handle.net/10.1080/08911916.2015.1001664 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:43:y:2014:i:3:p:35-43 Template-Type: ReDIF-Article 1.0 Author-Name: G. C. Harcourt Author-X-Name-First: G. C. Author-X-Name-Last: Harcourt Title: Comment: Lance Taylor on Thomas Piketty’s World as Seen Through the Eyes of Maynard Keynes and Luigi Pasinetti Abstract: This comment discusses Taylor’s critique of Piketty’s model and his extension to bring in insights from Keynes and Pasinetti. In addition, the comment contains criticisms of the meanings of Piketty’s statistical findings, which are based on accounting measures, of Piketty’s failure to understand the significance of the Cambridge Capital Theory Controversies critique for Piketty’s use of the aggregate production function; and an extension to bring in further insights from Keynes and from Marx in order to understand recent historical episodes in modern capitalism. Journal: International Journal of Political Economy Pages: 18-25 Issue: 3 Volume: 43 Year: 2014 Month: 7 X-DOI: 10.1080/08911916.2015.1001668 File-URL: http://hdl.handle.net/10.1080/08911916.2015.1001668 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:43:y:2014:i:3:p:18-25 Template-Type: ReDIF-Article 1.0 Author-Name: Arne Heise Author-X-Name-First: Arne Author-X-Name-Last: Heise Title: The Future of Economics in a Lakatos–Bourdieu Framework Abstract: The global financial crisis has clearly been a matter of great consternation for the business-as-usual faction of mainstream economics. Will the World Financial Crisis turn out to be that experimentum crucis that triggered a scientific revolution? In this article, we seek to assess the likelihood of a paradigm shift toward heterodox approaches and a more pluralist setting in economics emerging from the academic establishment in the United States—that is, from the dominant center of knowledge production in the economic discipline. This will be done by building the analysis on a combined Lakatosian framework of “battle of research programs†and a Bourdieuian framework of “power struggle†within the academic field and highlighting the likelihood of two main proponents of the mainstream elite to become the promulgator of change. Journal: International Journal of Political Economy Pages: 70-93 Issue: 3 Volume: 43 Year: 2014 Month: 7 X-DOI: 10.1080/08911916.2015.1001691 File-URL: http://hdl.handle.net/10.1080/08911916.2015.1001691 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:43:y:2014:i:3:p:70-93 Template-Type: ReDIF-Article 1.0 Author-Name: Tony Myatt Author-X-Name-First: Tony Author-X-Name-Last: Myatt Author-Name: Brian MacLean Author-X-Name-First: Brian Author-X-Name-Last: MacLean Title: Is Freshwater Skepticism on Fiscal Multipliers Rooted in Theory? Abstract: Since the 2008 financial meltdown, opposing camps of mainstream macroeconomists have debated fiscal policy measures, and have expressed opposing views on the size of the fiscal multipliers—about which there is an abundance of empirical evidence. However, empirical evidence has not been enough to resolve these debates about multipliers: the “freshwater†macroeconomists have continued to express skepticism about claims of their “saltwater†counterparts that government spending multipliers should be large and positive. This paper makes the possibly surprising claim that the fiscal multiplier skepticism of “freshwater†macroeconomists is not rooted in specific macroeconomic modeling assumptions. Freshwater macroeconomists certainly have tastes for a particular set of modeling assumptions, but these assumptions are insufficient to guarantee that multipliers will be zero, let alone negative. Journal: International Journal of Political Economy Pages: 94-107 Issue: 3 Volume: 43 Year: 2014 Month: 7 X-DOI: 10.1080/08911916.2014.1001701 File-URL: http://hdl.handle.net/10.1080/08911916.2014.1001701 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:43:y:2014:i:3:p:94-107 Template-Type: ReDIF-Article 1.0 Author-Name: Edward J. Nell Author-X-Name-First: Edward J. Author-X-Name-Last: Nell Title: On the Causes of Growing Inequality: Piketty, Pasinetti and Taylor Abstract: Lance Taylor, in this issue, offers a solid critique of Piketty’s account of the causes of the changes in inequality over the past centuries and especially its recent increase. Piketty’s analysis relies on the neo-Classical aggregate production function, and the relationship r > g; Taylor’s critique hits the mark on the first, but seems to miss on the second, and his alternative account also appears flawed. He invokes Pasinetti, but the Pasinetti model gives very different results if some realistic changes are introduced. In particular, if high executive pay is taken into account, as realism demands, an apparently opposite conclusion or a contradiction may be reached. But dropping the requirement that growth be balanced (‘uneven development’) allows a Pasinetti approach to establish a simple, though still abstract and partial, model of the growth of inequality in wealth. Journal: International Journal of Political Economy Pages: 26-34 Issue: 3 Volume: 43 Year: 2014 Month: 7 X-DOI: 10.1080/08911916.2014.1001702 File-URL: http://hdl.handle.net/10.1080/08911916.2014.1001702 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:43:y:2014:i:3:p:26-34 Template-Type: ReDIF-Article 1.0 Author-Name: Prabhat Patnaik Author-X-Name-First: Prabhat Author-X-Name-Last: Patnaik Title: Capitalism, Inequality, and Globalization: Thomas Piketty’s Capital in the Twenty-First Century Abstract: Thomas Piketty’s empirical work is extremely impressive, but his theoretical paradigm is flawed; even within that paradigm his conclusions do not stand up to scrutiny. A reduction in steady-state growth rate g, when workers and capitalists have different saving propensities, must lower the rate of return on capital r and the difference r – g proportionately; it cannot raise r – g and hence wealth inequalities, as Piketty suggests. The currently observed growing wealth inequality, expected to worsen in the future, is better explained by the fact that, instead of full employment obtaining universally, world labor reserves remain unexhausted despite output growth; consequently, world real wage rates do not increase as labor productivity rises, raising the share of surplus in world output, and hence income and wealth inequality within each country, and in the world as a whole. Wealth taxation to rectify this would arouse fierce capitalist resistance; the mass mobilization needed to overcome it would place on the agenda a more far-reaching program for going beyond the existing system. Journal: International Journal of Political Economy Pages: 55-69 Issue: 3 Volume: 43 Year: 2014 Month: 7 X-DOI: 10.1080/08911916.2014.1001704 File-URL: http://hdl.handle.net/10.1080/08911916.2014.1001704 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:43:y:2014:i:3:p:55-69 Template-Type: ReDIF-Article 1.0 Author-Name: Lance Taylor Author-X-Name-First: Lance Author-X-Name-Last: Taylor Title: The Triumph of the Rentier? Thomas Piketty vs. Luigi Pasinetti and John Maynard Keynes Abstract: Thomas Piketty attributes increasing wealth inequality to the characteristics of a neoclassical aggregate production function, which is known not to exist. More plausibly, wage repression can lead to secular stagnation by enriching the rentier. Lower economic activity decreases labor’s bargaining power so that the share of profits in output (Ï€)tends to rise. Activity is stimulated by increased investment due to a higher Ï€. Dynamics of wealth are specified in terms of the ratio Z of capital owned by a capitalist rentier class to the total, a variation on a well-known theme by Luigi Pasinetti. Suppose that Z goes up. Rentiers have a high saving rate—from the paradox of thrift, output goes down. The profit share increases, pushing up the growth rate of Z. Depending on economic structure (in particular, differences in saving rates between the classes), this positive feedback may or may not destabilize the system. If stability reigns, there will be a persistent steady-state level of Z. In the long run, Z is reduced and activity increased by a downward shift in Ï€, that is, less wage repression improves economic performance overall. Journal: International Journal of Political Economy Pages: 4-17 Issue: 3 Volume: 43 Year: 2014 Month: 7 X-DOI: 10.1080/08911916.2014.1002296 File-URL: http://hdl.handle.net/10.1080/08911916.2014.1002296 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:43:y:2014:i:3:p:4-17 Template-Type: ReDIF-Article 1.0 Author-Name: Lance Taylor Author-X-Name-First: Lance Author-X-Name-Last: Taylor Title: Modeling Distribution and Growth: Replies to Garbellini and Wirkierman, Harcourt, and Nell Abstract: Income sources and uses are examined for the top 1% and lower 99% of the US size distribution-the groups are proxies for “capitalists†and “workers.†Large flows—notably proprietors’ incomes at the top and fiscal transfers at the bottom—cannot easily be assigned to capital or labor. Financial payments (interest and dividends) are concentrated at the top. Capital gains are similarly concentrated and comparable in magnitude. Together with financial flows they exceed business profits net of depreciation. Cumulating these flows over time is consistent with the empirical observation that the valuation ratio for the US corporate sector is greater than one. The richer group has positive savings; they are negative for the bottom 99% overall (especially below the Bdh percentile of the size distribution). These observations suggest that the US economy is not at a steady state. The nature of shifts in income and wealth distributions needed to support changes in steady states is discussed in light of the comments in this symposium. Journal: International Journal of Political Economy Pages: 44-54 Issue: 3 Volume: 43 Year: 2014 Month: 7 X-DOI: 10.1080/08911916.2014.1002299 File-URL: http://hdl.handle.net/10.1080/08911916.2014.1002299 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:43:y:2014:i:3:p:44-54 Template-Type: ReDIF-Article 1.0 Author-Name: Fred Moseley Author-X-Name-First: Fred Author-X-Name-Last: Moseley Title: Introduction Journal: International Journal of Political Economy Pages: 3-9 Issue: 2 Volume: 18 Year: 1988 Month: 6 X-DOI: 10.1080/08911916.1988.11643745 File-URL: http://hdl.handle.net/10.1080/08911916.1988.11643745 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:18:y:1988:i:2:p:3-9 Template-Type: ReDIF-Article 1.0 Author-Name: Alain Lipietz Author-X-Name-First: Alain Author-X-Name-Last: Lipietz Title: Accumulation, Crises, and Ways Out Journal: International Journal of Political Economy Pages: 10-43 Issue: 2 Volume: 18 Year: 1988 Month: 6 X-DOI: 10.1080/08911916.1988.11643746 File-URL: http://hdl.handle.net/10.1080/08911916.1988.11643746 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:18:y:1988:i:2:p:10-43 Template-Type: ReDIF-Article 1.0 Author-Name: Gerard De Bernis Author-X-Name-First: Gerard Author-X-Name-Last: De Bernis Title: Propositions for an Analysis of the Crisis Journal: International Journal of Political Economy Pages: 44-67 Issue: 2 Volume: 18 Year: 1988 Month: 6 X-DOI: 10.1080/08911916.1988.11643747 File-URL: http://hdl.handle.net/10.1080/08911916.1988.11643747 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:18:y:1988:i:2:p:44-67 Template-Type: ReDIF-Article 1.0 Author-Name: Jean-Claude Delaunay Author-X-Name-First: Jean-Claude Author-X-Name-Last: Delaunay Title: Questions Raised by the Theory of “Monopolistic Regulation†Journal: International Journal of Political Economy Pages: 68-84 Issue: 2 Volume: 18 Year: 1988 Month: 6 X-DOI: 10.1080/08911916.1988.11643748 File-URL: http://hdl.handle.net/10.1080/08911916.1988.11643748 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:18:y:1988:i:2:p:68-84 Template-Type: ReDIF-Article 1.0 Author-Name: Elmar Altvater Author-X-Name-First: Elmar Author-X-Name-Last: Altvater Title: The Two Sides of the Coin Journal: International Journal of Political Economy Pages: 85-101 Issue: 2 Volume: 18 Year: 1988 Month: 6 X-DOI: 10.1080/08911916.1988.11643749 File-URL: http://hdl.handle.net/10.1080/08911916.1988.11643749 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:18:y:1988:i:2:p:85-101 Template-Type: ReDIF-Article 1.0 Author-Name: Fred Moseley Author-X-Name-First: Fred Author-X-Name-Last: Moseley Title: Introduction Journal: International Journal of Political Economy Pages: 3-9 Issue: 1 Volume: 19 Year: 1989 Month: 3 X-DOI: 10.1080/08911916.1989.11643768 File-URL: http://hdl.handle.net/10.1080/08911916.1989.11643768 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:19:y:1989:i:1:p:3-9 Template-Type: ReDIF-Article 1.0 Author-Name: Angelo Reati Author-X-Name-First: Angelo Author-X-Name-Last: Reati Title: The Rate of Profit and the Organic Composition of Capital in the Post-War Long Wave Journal: International Journal of Political Economy Pages: 10-32 Issue: 1 Volume: 19 Year: 1989 Month: 3 X-DOI: 10.1080/08911916.1989.11643769 File-URL: http://hdl.handle.net/10.1080/08911916.1989.11643769 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:19:y:1989:i:1:p:10-32 Template-Type: ReDIF-Article 1.0 Author-Name: Jean-Claude Delaunay Author-X-Name-First: Jean-Claude Author-X-Name-Last: Delaunay Title: Research on the Marxist Theory of Rate of Surplus Value and the Wage-earning Class (1896–1980) Journal: International Journal of Political Economy Pages: 33-47 Issue: 1 Volume: 19 Year: 1989 Month: 3 X-DOI: 10.1080/08911916.1989.11643770 File-URL: http://hdl.handle.net/10.1080/08911916.1989.11643770 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:19:y:1989:i:1:p:33-47 Template-Type: ReDIF-Article 1.0 Author-Name: Fred Moseley Author-X-Name-First: Fred Author-X-Name-Last: Moseley Title: The Decline of the Rate of Profit in the Postwar U.S. Economy Journal: International Journal of Political Economy Pages: 48-66 Issue: 1 Volume: 19 Year: 1989 Month: 3 X-DOI: 10.1080/08911916.1989.11643771 File-URL: http://hdl.handle.net/10.1080/08911916.1989.11643771 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:19:y:1989:i:1:p:48-66 Template-Type: ReDIF-Article 1.0 Author-Name: Irina Peaucelle Author-X-Name-First: Irina Author-X-Name-Last: Peaucelle Author-Name: Pascal Petit Author-X-Name-First: Pascal Author-X-Name-Last: Petit Title: Economic Growth, Profit, and Forms of Wage Incentives Journal: International Journal of Political Economy Pages: 67-96 Issue: 1 Volume: 19 Year: 1989 Month: 3 X-DOI: 10.1080/08911916.1989.11643772 File-URL: http://hdl.handle.net/10.1080/08911916.1989.11643772 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:19:y:1989:i:1:p:67-96 Template-Type: ReDIF-Article 1.0 Author-Name: Jon Jonakin Author-X-Name-First: Jon Author-X-Name-Last: Jonakin Title: The Contradictions of Latin American Export Promotion: The Growth of Manufactured Exports, Debt, and Deindustrialized Labor Abstract: Journal: International Journal of Political Economy Pages: 30-52 Issue: 1 Volume: 36 Year: 2007 X-DOI: 10.2753/IJP0891-1916360102 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916360102 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:36:y:2007:i:1:p:30-52 Template-Type: ReDIF-Article 1.0 Author-Name: Jean-Frédéric Morin Author-X-Name-First: Jean-Frédéric Author-X-Name-Last: Morin Author-Name: Gilbert Gagné Author-X-Name-First: Gilbert Author-X-Name-Last: Gagné Title: What Can Best Explain the Prevalence of Bilateralism in the Investment Regime? Abstract: Journal: International Journal of Political Economy Pages: 53-74 Issue: 1 Volume: 36 Year: 2007 X-DOI: 10.2753/IJP0891-1916360103 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916360103 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:36:y:2007:i:1:p:53-74 Template-Type: ReDIF-Article 1.0 Author-Name: Davide Gualerzi Author-X-Name-First: Davide Author-X-Name-Last: Gualerzi Title: Globalization Reconsidered: Foreign Direct Investment and Global Governance Abstract: Journal: International Journal of Political Economy Pages: 3-29 Issue: 1 Volume: 36 Year: 2007 X-DOI: 10.2753/IJP0891-1916360101 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916360101 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:36:y:2007:i:1:p:3-29 Template-Type: ReDIF-Article 1.0 Author-Name: Catherine Sifakis-Kapetanakis Author-X-Name-First: Catherine Author-X-Name-Last: Sifakis-Kapetanakis Title: The European Monetary Integration Process and Financial Globalization: The Rationale of the "Creative Imbalance" Model Abstract: Journal: International Journal of Political Economy Pages: 75-90 Issue: 1 Volume: 36 Year: 2007 X-DOI: 10.2753/IJP0891-1916360104 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916360104 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:36:y:2007:i:1:p:75-90 Template-Type: ReDIF-Article 1.0 Author-Name: DAVID COLANDER Author-X-Name-First: DAVID Author-X-Name-Last: COLANDER Title: Post Walrasian Macroeconomics and Heterodoxy : Thinking Outside the Heterodox Box Abstract: Journal: International Journal of Political Economy Pages: 68-81 Issue: 2 Volume: 33 Year: 2003 X-DOI: 10.1080/08911916.2003.11042895 File-URL: http://hdl.handle.net/10.1080/08911916.2003.11042895 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:33:y:2003:i:2:p:68-81 Template-Type: ReDIF-Article 1.0 Author-Name: DAVID COLANDER Author-X-Name-First: DAVID Author-X-Name-Last: COLANDER Title: Post Walrasian Macro Policy and the Economics of Muddling Through Abstract: Journal: International Journal of Political Economy Pages: 17-35 Issue: 2 Volume: 33 Year: 2003 X-DOI: 10.1080/08911916.2003.11042896 File-URL: http://hdl.handle.net/10.1080/08911916.2003.11042896 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:33:y:2003:i:2:p:17-35 Template-Type: ReDIF-Article 1.0 Author-Name: MARK SETTERFIELD Author-X-Name-First: MARK Author-X-Name-Last: SETTERFIELD Title: Separate Identity or Post Walrasian Future : Whither Analytical Political Economy? Abstract: Journal: International Journal of Political Economy Pages: 82-86 Issue: 2 Volume: 33 Year: 2003 X-DOI: 10.1080/08911916.2003.11042897 File-URL: http://hdl.handle.net/10.1080/08911916.2003.11042897 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:33:y:2003:i:2:p:82-86 Template-Type: ReDIF-Article 1.0 Author-Name: AMITAVA KRISHNA DUTT Author-X-Name-First: AMITAVA KRISHNA Author-X-Name-Last: DUTT Title: On Post Walrasian Economics, Macroeconomic Policy, and Heterodox Economics Abstract: Journal: International Journal of Political Economy Pages: 47-67 Issue: 2 Volume: 33 Year: 2003 X-DOI: 10.1080/08911916.2003.11042898 File-URL: http://hdl.handle.net/10.1080/08911916.2003.11042898 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:33:y:2003:i:2:p:47-67 Template-Type: ReDIF-Article 1.0 Author-Name: MARIO SECCARECCIA Author-X-Name-First: MARIO Author-X-Name-Last: SECCARECCIA Title: Editor's Introduction Abstract: Journal: International Journal of Political Economy Pages: 3-3 Issue: 2 Volume: 33 Year: 2003 X-DOI: 10.1080/08911916.2003.11042899 File-URL: http://hdl.handle.net/10.1080/08911916.2003.11042899 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:33:y:2003:i:2:p:3-3 Template-Type: ReDIF-Article 1.0 Author-Name: MARK SETTERFIELD Author-X-Name-First: MARK Author-X-Name-Last: SETTERFIELD Title: What Is Analytical Political Economy? Abstract: Journal: International Journal of Political Economy Pages: 4-16 Issue: 2 Volume: 33 Year: 2003 X-DOI: 10.1080/08911916.2003.11042900 File-URL: http://hdl.handle.net/10.1080/08911916.2003.11042900 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:33:y:2003:i:2:p:4-16 Template-Type: ReDIF-Article 1.0 Author-Name: BILL GIBSON Author-X-Name-First: BILL Author-X-Name-Last: GIBSON Title: Thinking Outside the Walrasian Box Abstract: Journal: International Journal of Political Economy Pages: 36-46 Issue: 2 Volume: 33 Year: 2003 X-DOI: 10.1080/08911916.2003.11042901 File-URL: http://hdl.handle.net/10.1080/08911916.2003.11042901 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:33:y:2003:i:2:p:36-46 Template-Type: ReDIF-Article 1.0 Author-Name: Riccardo Bellofiore Author-X-Name-First: Riccardo Author-X-Name-Last: Bellofiore Author-Name: Joseph Halevi Author-X-Name-First: Joseph Author-X-Name-Last: Halevi Title: "Could Be Raining" Abstract: This paper presents a general overview of the structural transformations marking the "new capitalism" and analyzes the contradictions of European neomercantilism within the Great Recession. In the past two decades, neoliberalism turned into a paradoxical sort of privatized financial Keynesianism based on the triad of traumatized workers, manic-depressive savers, and indebted consumers. It argues that the present European economic and political situation is deeply rooted in linking capitalist accumulation to the attainment of export surpluses, a situation in which, as is the case in Germany, most of the net external balances, are realized within Europe itself. It shows that such a process has led to the rise of strong neomercantilism (in Germany) and to weak neomercantism (in Italy). The recent crises, including those in Greece, Ireland, Portugal, and Spain, are discussed in this framework. It concludes by observing that in light of the ongoing contradictions, the challenge for the Left is the question of the socialization of the banking system, of investment, and of employment. Journal: International Journal of Political Economy Pages: 5-30 Issue: 4 Volume: 39 Year: 2010 X-DOI: 10.2753/IJP0891-1916390401 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916390401 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:39:y:2010:i:4:p:5-30 Template-Type: ReDIF-Article 1.0 Author-Name: Sergio Cesaratto Author-X-Name-First: Sergio Author-X-Name-Last: Cesaratto Author-Name: Antonella Stirati Author-X-Name-First: Antonella Author-X-Name-Last: Stirati Title: Germany and the European and Global Crises Abstract: Beginning with the current global and European imbalances and crises and consideration of the German reaction to them, the paper explores the political economy origins of the conservative German policy stance. It emerges that an export-oriented economy was a deliberate decision of the German elite after World War II and that the external constraint may be regarded as appropriately designed for internal discipline and efficiency in a self-reinforcing process. Journal: International Journal of Political Economy Pages: 56-86 Issue: 4 Volume: 39 Year: 2010 X-DOI: 10.2753/IJP0891-1916390403 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916390403 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:39:y:2010:i:4:p:56-86 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Author Index to Abstract: Journal: International Journal of Political Economy Pages: 103-104 Issue: 4 Volume: 39 Year: 2010 X-DOI: 10.1080/08911916.2010.11043039 File-URL: http://hdl.handle.net/10.1080/08911916.2010.11043039 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:39:y:2010:i:4:p:103-104 Template-Type: ReDIF-Article 1.0 Author-Name: Mario Seccareccia Author-X-Name-First: Mario Author-X-Name-Last: Seccareccia Title: Editor's Introduction Abstract: Journal: International Journal of Political Economy Pages: 3-4 Issue: 4 Volume: 39 Year: 2010 X-DOI: 10.2753/IJP0891-1916390400 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916390400 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:39:y:2010:i:4:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Alain Parguez Author-X-Name-First: Alain Author-X-Name-Last: Parguez Title: Lies and Truth About the Financial Crisis in the Eurozone Abstract: By integrating Richard Koo's general theory of balance sheets and the general monetary circuit approach through a genuine stock flow analysis, I prove that the two financial crises in the eurozone, the banking and the currency crises, were caused by disastrous policy choices of governments imposing shock therapy policies for at least forty years. Banks played a passive role in striving to save their net worth. They also had to react to a private capitalist system more and more tempted to play a purely predatory/parasitical role. Finally, the absurd structure of the eurozone worsened an otherwise disastrous situation. Europe is doomed to an increase in public debt and is heading toward long-term instability. Salvation is possible, but not within the straitjacket of the eurosystem aimed at the dismantling of the state. Journal: International Journal of Political Economy Pages: 31-55 Issue: 4 Volume: 39 Year: 2010 X-DOI: 10.2753/IJP0891-1916390402 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916390402 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:39:y:2010:i:4:p:31-55 Template-Type: ReDIF-Article 1.0 Author-Name: Marshall Auerback Author-X-Name-First: Marshall Author-X-Name-Last: Auerback Title: A "United States of Europe" or Full Exit from the Euro? Abstract: The euro is now facing an existential choice: What was once deemed the fantasy of a few extreme euro-skeptics—namely the potential disintegration of the euro—has now become respectable mainstream opinion. The current institutional arrangements are surviving only by virtue of the European Central Bank's decision to backstop the bonds of the periphery countries now facing an insolvency crisis. In effect, the European Central Bank has become the political arbiter for fiscal decisions made by each of the eurozone's national governments. This is politically unsustainable. Ultimately, the choice is between the restoration of national currencies and the reestablishment of full fiscal sovereignty in the respective nation states of the European Monetary Union or the creation of a supranational fiscal authority, a "United States of Europe." Journal: International Journal of Political Economy Pages: 87-102 Issue: 4 Volume: 39 Year: 2010 X-DOI: 10.2753/IJP0891-1916390404 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916390404 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:39:y:2010:i:4:p:87-102 Template-Type: ReDIF-Article 1.0 Author-Name: Louis-Philippe Rochon Author-X-Name-First: Louis-Philippe Author-X-Name-Last: Rochon Author-Name: Mark Setterfield Author-X-Name-First: Mark Author-X-Name-Last: Setterfield Title: The Political Economy of Interest-Rate Setting, Inflation, and Income Distribution Abstract: Journal: International Journal of Political Economy Pages: 5-25 Issue: 2 Volume: 37 Year: 2008 X-DOI: 10.2753/IJP0891-1916370201 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916370201 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:37:y:2008:i:2:p:5-25 Template-Type: ReDIF-Article 1.0 Author-Name: Peter Docherty Author-X-Name-First: Peter Author-X-Name-Last: Docherty Title: Basel II and the Political Economy of Banking Regulation-Monetary Policy Interaction Abstract: Journal: International Journal of Political Economy Pages: 82-106 Issue: 2 Volume: 37 Year: 2008 X-DOI: 10.2753/IJP0891-1916370205 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916370205 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:37:y:2008:i:2:p:82-106 Template-Type: ReDIF-Article 1.0 Author-Name: John Smithin Author-X-Name-First: John Author-X-Name-Last: Smithin Title: The Rate of Interest, Monetary Policy, and the Concept of "Thrift" Abstract: Journal: International Journal of Political Economy Pages: 26-48 Issue: 2 Volume: 37 Year: 2008 X-DOI: 10.2753/IJP0891-1916370202 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916370202 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:37:y:2008:i:2:p:26-48 Template-Type: ReDIF-Article 1.0 Author-Name: Olivier Giovannoni Author-X-Name-First: Olivier Author-X-Name-Last: Giovannoni Title: What Did the Fed Do When Inflation Died?: An Empirical Investigation Abstract: Journal: International Journal of Political Economy Pages: 49-70 Issue: 2 Volume: 37 Year: 2008 X-DOI: 10.2753/IJP0891-1916370203 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916370203 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:37:y:2008:i:2:p:49-70 Template-Type: ReDIF-Article 1.0 Author-Name: Mario Seccareccia Author-X-Name-First: Mario Author-X-Name-Last: Seccareccia Title: Editor's Introduction Abstract: Journal: International Journal of Political Economy Pages: 3-4 Issue: 2 Volume: 37 Year: 2008 X-DOI: 10.2753/IJP0891-1916370200 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916370200 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:37:y:2008:i:2:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: H. Atesoglu Author-X-Name-First: H. Author-X-Name-Last: Atesoglu Title: Equity Returns and Monetary Policy Abstract: Journal: International Journal of Political Economy Pages: 71-81 Issue: 2 Volume: 37 Year: 2008 X-DOI: 10.2753/IJP0891-1916370204 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916370204 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:37:y:2008:i:2:p:71-81 Template-Type: ReDIF-Article 1.0 Author-Name: CARL-ERICH VOLLGRAF Author-X-Name-First: CARL-ERICH Author-X-Name-Last: VOLLGRAF Author-Name: JÃœRGEN JUNGNICKEL Author-X-Name-First: JÃœRGEN Author-X-Name-Last: JUNGNICKEL Title: "Marx in Marx's Words"? : On Engels's Edition of the Main Manuscript of Book 3 of Capital Abstract: Journal: International Journal of Political Economy Pages: 35-78 Issue: 1 Volume: 32 Year: 2002 X-DOI: 10.1080/08911916.2002.11042868 File-URL: http://hdl.handle.net/10.1080/08911916.2002.11042868 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:32:y:2002:i:1:p:35-78 Template-Type: ReDIF-Article 1.0 Author-Name: VITALII VYGODSKII Author-X-Name-First: VITALII Author-X-Name-Last: VYGODSKII Title: What Was It Actually That Engels Published in the Years 1885 and 1894? On the Article by Carl-Erich Vollgraf and Jürgen Jungnickel Entitled "'Marx in Marx's Words'?"<SUP>1</SUP> Abstract: Journal: International Journal of Political Economy Pages: 79-82 Issue: 1 Volume: 32 Year: 2002 X-DOI: 10.1080/08911916.2002.11042869 File-URL: http://hdl.handle.net/10.1080/08911916.2002.11042869 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:32:y:2002:i:1:p:79-82 Template-Type: ReDIF-Article 1.0 Author-Name: REGINA ROTH Author-X-Name-First: REGINA Author-X-Name-Last: ROTH Author-Name: FRED MOSELEY Author-X-Name-First: FRED Author-X-Name-Last: MOSELEY Title: Guest Editors' Introduction Abstract: Journal: International Journal of Political Economy Pages: 3-13 Issue: 1 Volume: 32 Year: 2002 X-DOI: 10.1080/08911916.2002.11042870 File-URL: http://hdl.handle.net/10.1080/08911916.2002.11042870 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:32:y:2002:i:1:p:3-13 Template-Type: ReDIF-Article 1.0 Author-Name: MANFRED MÃœLLER Author-X-Name-First: MANFRED Author-X-Name-Last: MÃœLLER Author-Name: JÃœRGEN JUNGNICKEL Author-X-Name-First: JÃœRGEN Author-X-Name-Last: JUNGNICKEL Author-Name: BARBARA LIETZ Author-X-Name-First: BARBARA Author-X-Name-Last: LIETZ Author-Name: CHRISTEL SANDER Author-X-Name-First: CHRISTEL Author-X-Name-Last: SANDER Author-Name: ARTUR SCHNICKMANN Author-X-Name-First: ARTUR Author-X-Name-Last: SCHNICKMANN Title: General Commentary to Marx's Manuscript of Capital, Book 3 (1864/65) Abstract: Journal: International Journal of Political Economy Pages: 14-34 Issue: 1 Volume: 32 Year: 2002 X-DOI: 10.1080/08911916.2002.11042871 File-URL: http://hdl.handle.net/10.1080/08911916.2002.11042871 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:32:y:2002:i:1:p:14-34 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Author Index to Volume 35 (Spring 2006-Winter 2006-7) Abstract: Journal: International Journal of Political Economy Pages: 87-87 Issue: 4 Volume: 35 Year: 2007 X-DOI: 10.1080/08911916.2007.11042954 File-URL: http://hdl.handle.net/10.1080/08911916.2007.11042954 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:35:y:2007:i:4:p:87-87 Template-Type: ReDIF-Article 1.0 Author-Name: Steven Pressman Author-X-Name-First: Steven Author-X-Name-Last: Pressman Title: Economic Power, the State, and Post-Keynesian Economics Abstract: Journal: International Journal of Political Economy Pages: 67-86 Issue: 4 Volume: 35 Year: 2007 X-DOI: 10.2753/IJP0891-1916350404 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916350404 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:35:y:2007:i:4:p:67-86 Template-Type: ReDIF-Article 1.0 Author-Name: John Marangos Author-X-Name-First: John Author-X-Name-Last: Marangos Title: John Rogers Commons on Power Abstract: Journal: International Journal of Political Economy Pages: 50-66 Issue: 4 Volume: 35 Year: 2007 X-DOI: 10.2753/IJP0891-1916350403 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916350403 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:35:y:2007:i:4:p:50-66 Template-Type: ReDIF-Article 1.0 Author-Name: Virginie Monvoisin Author-X-Name-First: Virginie Author-X-Name-Last: Monvoisin Author-Name: Louis-Philippe Rochon Author-X-Name-First: Louis-Philippe Author-X-Name-Last: Rochon Title: Economic Power and the Real World: A Post-Keynesian Analysis of Power Abstract: Journal: International Journal of Political Economy Pages: 5-30 Issue: 4 Volume: 35 Year: 2007 X-DOI: 10.2753/IJP0891-1916350401 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916350401 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:35:y:2007:i:4:p:5-30 Template-Type: ReDIF-Article 1.0 Author-Name: Mario Seccareccia Author-X-Name-First: Mario Author-X-Name-Last: Seccareccia Title: Editor's Introduction Abstract: Journal: International Journal of Political Economy Pages: 3-4 Issue: 4 Volume: 35 Year: 2007 X-DOI: 10.2753/IJP0891-1916350400 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916350400 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:35:y:2007:i:4:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Engelbert Stockhammer Author-X-Name-First: Engelbert Author-X-Name-Last: Stockhammer Title: Uncertainty, Class, and Power Abstract: Journal: International Journal of Political Economy Pages: 31-49 Issue: 4 Volume: 35 Year: 2007 X-DOI: 10.2753/IJP0891-1916350402 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916350402 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:35:y:2007:i:4:p:31-49 Template-Type: ReDIF-Article 1.0 Author-Name: JOSÉ MARCOS N. NOVELLI Author-X-Name-First: JOSÉ MARCOS N. Author-X-Name-Last: NOVELLI Author-Name: ANDRÉIA GALVÃO Author-X-Name-First: ANDRÉIA Author-X-Name-Last: GALVÃO Title: The Political Economy of Neoliberalism in Brazil in the 1990s Abstract: Journal: International Journal of Political Economy Pages: 3-52 Issue: 4 Volume: 31 Year: 2001 X-DOI: 10.1080/08911916.2001.11042866 File-URL: http://hdl.handle.net/10.1080/08911916.2001.11042866 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:31:y:2001:i:4:p:3-52 Template-Type: ReDIF-Article 1.0 Author-Name: ANDRÉ MOMMEN Author-X-Name-First: ANDRÉ Author-X-Name-Last: MOMMEN Title: Russia's Response to Globalization Abstract: Journal: International Journal of Political Economy Pages: 53-78 Issue: 4 Volume: 31 Year: 2001 X-DOI: 10.1080/08911916.2001.11042867 File-URL: http://hdl.handle.net/10.1080/08911916.2001.11042867 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:31:y:2001:i:4:p:53-78 Template-Type: ReDIF-Article 1.0 Author-Name: Fred Manske Author-X-Name-First: Fred Author-X-Name-Last: Manske Author-Name: Harald Wolf Author-X-Name-First: Harald Author-X-Name-Last: Wolf Title: The Metamorphosis of Industrial Labor in Contemporary Capitalism Journal: International Journal of Political Economy Pages: 3-13 Issue: 4 Volume: 20 Year: 1990 Month: 12 X-DOI: 10.1080/08911916.1990.11643804 File-URL: http://hdl.handle.net/10.1080/08911916.1990.11643804 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:20:y:1990:i:4:p:3-13 Template-Type: ReDIF-Article 1.0 Author-Name: Michael Schumann Author-X-Name-First: Michael Author-X-Name-Last: Schumann Author-Name: Volker Baethge-Kinsky Author-X-Name-First: Volker Author-X-Name-Last: Baethge-Kinsky Author-Name: Uwe Neumann Author-X-Name-First: Uwe Author-X-Name-Last: Neumann Author-Name: Roland Springer Author-X-Name-First: Roland Author-X-Name-Last: Springer Title: The Spread of the New Model of Production—A Halting Transformation of the Structures of Work Journal: International Journal of Political Economy Pages: 14-41 Issue: 4 Volume: 20 Year: 1990 Month: 12 X-DOI: 10.1080/08911916.1990.11643805 File-URL: http://hdl.handle.net/10.1080/08911916.1990.11643805 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:20:y:1990:i:4:p:14-41 Template-Type: ReDIF-Article 1.0 Author-Name: Norbert Altmann Author-X-Name-First: Norbert Author-X-Name-Last: Altmann Author-Name: Manfred Deiss Author-X-Name-First: Manfred Author-X-Name-Last: Deiss Author-Name: Volker Döhl Author-X-Name-First: Volker Author-X-Name-Last: Döhl Author-Name: Dieter Sauer Author-X-Name-First: Dieter Author-X-Name-Last: Sauer Title: The “New Rationalizationâ€â€”New Demands on Industrial Sociology Journal: International Journal of Political Economy Pages: 42-60 Issue: 4 Volume: 20 Year: 1990 Month: 12 X-DOI: 10.1080/08911916.1990.11643806 File-URL: http://hdl.handle.net/10.1080/08911916.1990.11643806 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:20:y:1990:i:4:p:42-60 Template-Type: ReDIF-Article 1.0 Author-Name: Fred Manske Author-X-Name-First: Fred Author-X-Name-Last: Manske Title: The End of Taylorism—Or Its Transformation? Journal: International Journal of Political Economy Pages: 61-78 Issue: 4 Volume: 20 Year: 1990 Month: 12 X-DOI: 10.1080/08911916.1990.11643807 File-URL: http://hdl.handle.net/10.1080/08911916.1990.11643807 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:20:y:1990:i:4:p:61-78 Template-Type: ReDIF-Article 1.0 Author-Name: Gerhard Brandt Author-X-Name-First: Gerhard Author-X-Name-Last: Brandt Title: Is Mass Production Really Coming to an End? Journal: International Journal of Political Economy Pages: 79-95 Issue: 4 Volume: 20 Year: 1990 Month: 12 X-DOI: 10.1080/08911916.1990.11643808 File-URL: http://hdl.handle.net/10.1080/08911916.1990.11643808 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:20:y:1990:i:4:p:79-95 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Index to Journal: International Journal of Political Economy Pages: 96-98 Issue: 4 Volume: 20 Year: 1990 Month: 12 X-DOI: 10.1080/08911916.1990.11643809 File-URL: http://hdl.handle.net/10.1080/08911916.1990.11643809 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:20:y:1990:i:4:p:96-98 Template-Type: ReDIF-Article 1.0 Author-Name: Wesley C. Marshall Author-X-Name-First: Wesley C. Author-X-Name-Last: Marshall Author-Name: Louis-Philippe Rochon Author-X-Name-First: Louis-Philippe Author-X-Name-Last: Rochon Title: Public Banking and Post-Keynesian Economic Theory Abstract: In this article, we make an appeal for the incorporation of public banking into public discourse regarding the management of the U.S. economy. We argue that the history of post-Keynesian thinking shows a perennial interest in offering solutions to financial and economic problems that often involve the participation of the State. However, in more recent history, discussion has revolved around fiscal and monetary policy, with little consideration given to credit policy and the role of public banking. Basing our arguments on what we believe to be Keynes’s most important lessons for the current crisis, we establish several forms in which public banks can confront the economic morass that the Too Big to Fail banks have created. Journal: International Journal of Political Economy Pages: 60-75 Issue: 1 Volume: 48 Year: 2019 Month: 1 X-DOI: 10.1080/08911916.2018.1550947 File-URL: http://hdl.handle.net/10.1080/08911916.2018.1550947 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:48:y:2019:i:1:p:60-75 Template-Type: ReDIF-Article 1.0 Author-Name: Luiz Carlos Bresser-Pereira Author-X-Name-First: Luiz Author-X-Name-Last: Carlos Bresser-Pereira Title: Secular Stagnation, Low Growth, and Financial Instability Abstract: Rentier-financier capitalism, neoliberalism, and globalization have been in crisis since 2008. It is characterized by low growth rates, quasi-stagnant wages, and increase of inequality since rentiers replaced business entrepreneurs, neoliberalism became the hegemonic ideology, and globalization became the means to achieve the best of all possible worlds. But the rich capitalist world faces the threat of secular stagnation. In this article, I discuss this threat, the main authors who have been discussing it, and the new historical facts that are behind such a threat. Among the threats are the fall of the productivity of capital associated with information and communication technology, the increase of market power, the profusion of capitals, and globalization, which opened room for the successful competition of developing countries. These new historical facts don’t cause stagnation but low growth rates and general uneasiness. Journal: International Journal of Political Economy Pages: 21-40 Issue: 1 Volume: 48 Year: 2019 Month: 1 X-DOI: 10.1080/08911916.2018.1550949 File-URL: http://hdl.handle.net/10.1080/08911916.2018.1550949 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:48:y:2019:i:1:p:21-40 Template-Type: ReDIF-Article 1.0 Author-Name: Lance Taylor Author-X-Name-First: Lance Author-X-Name-Last: Taylor Author-Name: Özlem Ömer Author-X-Name-First: Özlem Author-X-Name-Last: Ömer Title: Race to the Bottom: Low Productivity, Market Power, and Lagging Wages Abstract: “Dualism†in the structure of production across sectors of the U.S. economy, employment by sector, productivity levels and growth, real wages, and intersectoral terms of trade increased markedly between1990 and 2016. The discussion focuses on 16 sectors. Seven were “stagnantâ€â€”construction, education and health, other services, entertainment, accommodation and food, business services, and transportation and warehousing. They had low productivity levels, productivity growth rates hovering around zero, and low real wages. Their share of total employment rose from 47% in 1990 to 61% in 2016. The other “dynamic†sectors had higher and positively growing productivity while the terms of trade shifted against them. This bifurcation between industries is discussed in terms of a simple model. Increasing duality and secular stagnation are distinct possibilities. Journal: International Journal of Political Economy Pages: 1-20 Issue: 1 Volume: 48 Year: 2019 Month: 1 X-DOI: 10.1080/08911916.2018.1550951 File-URL: http://hdl.handle.net/10.1080/08911916.2018.1550951 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:48:y:2019:i:1:p:1-20 Template-Type: ReDIF-Article 1.0 Author-Name: Pablo G. Bortz Author-X-Name-First: Pablo G. Author-X-Name-Last: Bortz Title: The Destiny of the First Two Greek “Rescue†Packages: A Survey Abstract: This article analyzes the financial assistance provided to Greece in the first two rescue packages granted by the Troika (European Union, European Central Bank, and IMF). By drawing on official data and documentation, this study concludes that 97.3% of the disbursed sums were used to repay interest payments and debt principal and to recapitalize Greek banks. The article also reviews the literature on the topic, which varies widely in assessments. It critically discusses different suggested means of assistance, such as the TARGET 2 system, and alternative outlays for the sums disbursed, such as the financing of capital flight and the stability of Greek pensions and depositors. Journal: International Journal of Political Economy Pages: 76-99 Issue: 1 Volume: 48 Year: 2019 Month: 1 X-DOI: 10.1080/08911916.2018.1564493 File-URL: http://hdl.handle.net/10.1080/08911916.2018.1564493 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:48:y:2019:i:1:p:76-99 Template-Type: ReDIF-Article 1.0 Author-Name: Enrico Sergio Levrero Author-X-Name-First: Enrico Sergio Author-X-Name-Last: Levrero Title: On the Criticisms of and Obstacles to the Employer of Last Resort Policy Proposal Abstract: Rising inequality in income and wealth distribution and a huge waste of human resources (in the form of labor unemployment and underemployment) has once again led to a focus on Keynesian policies against poverty, including that of the State acting as an Employer of Last Resort advanced by Minsky. After briefly summarizing Minsky’s proposal and roughly calculating the financial resources needed to implement it in the case of Italy, the aim of this article is to discuss the obstacles that such a proposal may encounter and the possible measures to be adopted to overcome them. A conclusion will be drawn that a mix between Keynesian demand policies and the ELR system may be the best measure to guarantee full employment, provided that an institutional framework that is favorable to this objective is established. Journal: International Journal of Political Economy Pages: 41-59 Issue: 1 Volume: 48 Year: 2019 Month: 1 X-DOI: 10.1080/08911916.2018.1564494 File-URL: http://hdl.handle.net/10.1080/08911916.2018.1564494 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:48:y:2019:i:1:p:41-59 Template-Type: ReDIF-Article 1.0 Author-Name: Tilla Siegel Author-X-Name-First: Tilla Author-X-Name-Last: Siegel Title: Introduction Journal: International Journal of Political Economy Pages: 3-10 Issue: 4 Volume: 24 Year: 1994 Month: 12 X-DOI: 10.1080/08911916.1994.11643890 File-URL: http://hdl.handle.net/10.1080/08911916.1994.11643890 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:24:y:1994:i:4:p:3-10 Template-Type: ReDIF-Article 1.0 Author-Name: Sylvie Schweitzer Author-X-Name-First: Sylvie Author-X-Name-Last: Schweitzer Title: Rationalization of the Factory, Center of Industrial Society Journal: International Journal of Political Economy Pages: 11-34 Issue: 4 Volume: 24 Year: 1994 Month: 12 X-DOI: 10.1080/08911916.1994.11643891 File-URL: http://hdl.handle.net/10.1080/08911916.1994.11643891 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:24:y:1994:i:4:p:11-34 Template-Type: ReDIF-Article 1.0 Author-Name: Tilla Siegel Author-X-Name-First: Tilla Author-X-Name-Last: Siegel Title: It’s Only Rational Journal: International Journal of Political Economy Pages: 35-70 Issue: 4 Volume: 24 Year: 1994 Month: 12 X-DOI: 10.1080/08911916.1994.11643892 File-URL: http://hdl.handle.net/10.1080/08911916.1994.11643892 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:24:y:1994:i:4:p:35-70 Template-Type: ReDIF-Article 1.0 Author-Name: Carola Sachse Author-X-Name-First: Carola Author-X-Name-Last: Sachse Title: The National Socialist Maternity Protection Law Journal: International Journal of Political Economy Pages: 71-94 Issue: 4 Volume: 24 Year: 1994 Month: 12 X-DOI: 10.1080/08911916.1994.11643893 File-URL: http://hdl.handle.net/10.1080/08911916.1994.11643893 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:24:y:1994:i:4:p:71-94 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Author Index to Volume 24 (Spring 1994—Winter 1994–95 Journal: International Journal of Political Economy Pages: 95-96 Issue: 4 Volume: 24 Year: 1994 Month: 12 X-DOI: 10.1080/08911916.1994.11643894 File-URL: http://hdl.handle.net/10.1080/08911916.1994.11643894 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:24:y:1994:i:4:p:95-96 Template-Type: ReDIF-Article 1.0 Author-Name: Paul Mattick Author-X-Name-First: Paul Author-X-Name-Last: Mattick Title: Editor’s Note Journal: International Journal of Political Economy Pages: 3-4 Issue: 2 Volume: 26 Year: 1996 Month: 6 X-DOI: 10.1080/08911916.1996.11643921 File-URL: http://hdl.handle.net/10.1080/08911916.1996.11643921 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:26:y:1996:i:2:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Bertram Silverman Author-X-Name-First: Bertram Author-X-Name-Last: Silverman Author-Name: Murray Yanowitch Author-X-Name-First: Murray Author-X-Name-Last: Yanowitch Title: Introduction to Leonid Gordon’s Essays Journal: International Journal of Political Economy Pages: 5-7 Issue: 2 Volume: 26 Year: 1996 Month: 6 X-DOI: 10.1080/08911916.1996.11643922 File-URL: http://hdl.handle.net/10.1080/08911916.1996.11643922 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:26:y:1996:i:2:p:5-7 Template-Type: ReDIF-Article 1.0 Author-Name: Leonid A. Gordon Author-X-Name-First: Leonid A. Author-X-Name-Last: Gordon Title: The Socioeconomic Position of the Population and the Exercise of Its Social Rights in Present-Day Russia Journal: International Journal of Political Economy Pages: 8-42 Issue: 2 Volume: 26 Year: 1996 Month: 6 X-DOI: 10.1080/08911916.1996.11643923 File-URL: http://hdl.handle.net/10.1080/08911916.1996.11643923 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:26:y:1996:i:2:p:8-42 Template-Type: ReDIF-Article 1.0 Author-Name: Leonid A. Gordon Author-X-Name-First: Leonid A. Author-X-Name-Last: Gordon Title: Perestroika Time: The Beginning of the Free Labor Movement in the USSR Journal: International Journal of Political Economy Pages: 43-57 Issue: 2 Volume: 26 Year: 1996 Month: 6 X-DOI: 10.1080/08911916.1996.11643924 File-URL: http://hdl.handle.net/10.1080/08911916.1996.11643924 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:26:y:1996:i:2:p:43-57 Template-Type: ReDIF-Article 1.0 Author-Name: Leonid A. Gordon Author-X-Name-First: Leonid A. Author-X-Name-Last: Gordon Title: After Perestroika: The Labor Movement in a Transitional Society Journal: International Journal of Political Economy Pages: 58-73 Issue: 2 Volume: 26 Year: 1996 Month: 6 X-DOI: 10.1080/08911916.1996.11643925 File-URL: http://hdl.handle.net/10.1080/08911916.1996.11643925 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:26:y:1996:i:2:p:58-73 Template-Type: ReDIF-Article 1.0 Author-Name: Bertram Silverman Author-X-Name-First: Bertram Author-X-Name-Last: Silverman Author-Name: Murray Yanowitch Author-X-Name-First: Murray Author-X-Name-Last: Yanowitch Title: Wage-Earners: Winners and Losers Journal: International Journal of Political Economy Pages: 74-93 Issue: 2 Volume: 26 Year: 1996 Month: 6 X-DOI: 10.1080/08911916.1996.11643926 File-URL: http://hdl.handle.net/10.1080/08911916.1996.11643926 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:26:y:1996:i:2:p:74-93 Template-Type: ReDIF-Article 1.0 Author-Name: Alex E. Fernández Jilberto Author-X-Name-First: Alex E. Fernández Author-X-Name-Last: Jilberto Author-Name: André Mommen Author-X-Name-First: André Author-X-Name-Last: Mommen Title: The Political Economy of Global Neo-Liberalism Journal: International Journal of Political Economy Pages: 3-12 Issue: 1 Volume: 23 Year: 1993 Month: 3 X-DOI: 10.1080/08911916.1993.11643851 File-URL: http://hdl.handle.net/10.1080/08911916.1993.11643851 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:23:y:1993:i:1:p:3-12 Template-Type: ReDIF-Article 1.0 Author-Name: Alex E. Fernández Jilberto Author-X-Name-First: Alex E. Fernández Author-X-Name-Last: Jilberto Title: Transition to Democracy in a Neoliberal Economy Journal: International Journal of Political Economy Pages: 13-34 Issue: 1 Volume: 23 Year: 1993 Month: 3 X-DOI: 10.1080/08911916.1993.11643852 File-URL: http://hdl.handle.net/10.1080/08911916.1993.11643852 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:23:y:1993:i:1:p:13-34 Template-Type: ReDIF-Article 1.0 Author-Name: André Mommen Author-X-Name-First: André Author-X-Name-Last: Mommen Title: Toward Peripheral Capitalism Journal: International Journal of Political Economy Pages: 35-63 Issue: 1 Volume: 23 Year: 1993 Month: 3 X-DOI: 10.1080/08911916.1993.11643853 File-URL: http://hdl.handle.net/10.1080/08911916.1993.11643853 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:23:y:1993:i:1:p:35-63 Template-Type: ReDIF-Article 1.0 Author-Name: Carolyn L. Gates Author-X-Name-First: Carolyn L. Author-X-Name-Last: Gates Author-Name: David H.D. Truong Author-X-Name-First: David H.D. Author-X-Name-Last: Truong Title: Transition of a Developing Socialist Economy to a Developing Mixed Economy Journal: International Journal of Political Economy Pages: 65-85 Issue: 1 Volume: 23 Year: 1993 Month: 3 X-DOI: 10.1080/08911916.1993.11643854 File-URL: http://hdl.handle.net/10.1080/08911916.1993.11643854 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:23:y:1993:i:1:p:65-85 Template-Type: ReDIF-Article 1.0 Author-Name: Michiel Beker Author-X-Name-First: Michiel Author-X-Name-Last: Beker Author-Name: Paul Aarts Author-X-Name-First: Paul Author-X-Name-Last: Aarts Title: Dilemmas of Development and Democratization in the Arab World Journal: International Journal of Political Economy Pages: 87-107 Issue: 1 Volume: 23 Year: 1993 Month: 3 X-DOI: 10.1080/08911916.1993.11643855 File-URL: http://hdl.handle.net/10.1080/08911916.1993.11643855 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:23:y:1993:i:1:p:87-107 Template-Type: ReDIF-Article 1.0 Author-Name: Benoit Verhaegen Author-X-Name-First: Benoit Author-X-Name-Last: Verhaegen Title: The Temptation of Predatory Capitalism Journal: International Journal of Political Economy Pages: 109-125 Issue: 1 Volume: 23 Year: 1993 Month: 3 X-DOI: 10.1080/08911916.1993.11643856 File-URL: http://hdl.handle.net/10.1080/08911916.1993.11643856 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:23:y:1993:i:1:p:109-125 Template-Type: ReDIF-Article 1.0 Author-Name: Paolo Giussani Author-X-Name-First: Paolo Author-X-Name-Last: Giussani Title: Guest Editor’s Introduction Journal: International Journal of Political Economy Pages: 3-6 Issue: 1 Volume: 27 Year: 1997 Month: 3 X-DOI: 10.1080/08911916.1997.11643939 File-URL: http://hdl.handle.net/10.1080/08911916.1997.11643939 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:27:y:1997:i:1:p:3-6 Template-Type: ReDIF-Article 1.0 Author-Name: Trevor Evans Author-X-Name-First: Trevor Author-X-Name-Last: Evans Title: Marxian Theories of Credit Money and Capital Journal: International Journal of Political Economy Pages: 7-42 Issue: 1 Volume: 27 Year: 1997 Month: 3 X-DOI: 10.1080/08911916.1997.11643940 File-URL: http://hdl.handle.net/10.1080/08911916.1997.11643940 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:27:y:1997:i:1:p:7-42 Template-Type: ReDIF-Article 1.0 Author-Name: Claus M. Germer Author-X-Name-First: Claus M. Author-X-Name-Last: Germer Title: Credit Money and the Functions of Money in Capitalism Journal: International Journal of Political Economy Pages: 43-72 Issue: 1 Volume: 27 Year: 1997 Month: 3 X-DOI: 10.1080/08911916.1997.11643941 File-URL: http://hdl.handle.net/10.1080/08911916.1997.11643941 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:27:y:1997:i:1:p:43-72 Template-Type: ReDIF-Article 1.0 Author-Name: Francisco Paulo Cipolla Author-X-Name-First: Francisco Paulo Author-X-Name-Last: Cipolla Title: Interest Rate Changes in Marx’s Theory of the Industrial Cycle Journal: International Journal of Political Economy Pages: 73-84 Issue: 1 Volume: 27 Year: 1997 Month: 3 X-DOI: 10.1080/08911916.1997.11643942 File-URL: http://hdl.handle.net/10.1080/08911916.1997.11643942 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:27:y:1997:i:1:p:73-84 Template-Type: ReDIF-Article 1.0 Author-Name: Costas Lapavitsas Author-X-Name-First: Costas Author-X-Name-Last: Lapavitsas Title: Two Approaches to the Concept of Interest-Bearing Capital Journal: International Journal of Political Economy Pages: 85-106 Issue: 1 Volume: 27 Year: 1997 Month: 3 X-DOI: 10.1080/08911916.1997.11643943 File-URL: http://hdl.handle.net/10.1080/08911916.1997.11643943 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:27:y:1997:i:1:p:85-106 Template-Type: ReDIF-Article 1.0 Author-Name: Paul Mattick Author-X-Name-First: Paul Author-X-Name-Last: Mattick Title: Introduction Journal: International Journal of Political Economy Pages: 3-4 Issue: 2 Volume: 22 Year: 1992 Month: 6 X-DOI: 10.1080/08911916.1992.11643833 File-URL: http://hdl.handle.net/10.1080/08911916.1992.11643833 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:22:y:1992:i:2:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Yvonne Hirdman Author-X-Name-First: Yvonne Author-X-Name-Last: Hirdman Title: 1. Utopia in Everyday Life—Problems and Background Journal: International Journal of Political Economy Pages: 5-19 Issue: 2 Volume: 22 Year: 1992 Month: 6 X-DOI: 10.1080/08911916.1992.11643834 File-URL: http://hdl.handle.net/10.1080/08911916.1992.11643834 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:22:y:1992:i:2:p:5-19 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: 2. Utopian Ideas on Everyday Life in the Early Swedish Labor Movement Journal: International Journal of Political Economy Pages: 20-26 Issue: 2 Volume: 22 Year: 1992 Month: 6 X-DOI: 10.1080/08911916.1992.11643835 File-URL: http://hdl.handle.net/10.1080/08911916.1992.11643835 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:22:y:1992:i:2:p:20-26 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: 3. The Social Engineers, the Rationalist Utopia, and the New Home of the 1930s Journal: International Journal of Political Economy Pages: 27-49 Issue: 2 Volume: 22 Year: 1992 Month: 6 X-DOI: 10.1080/08911916.1992.11643836 File-URL: http://hdl.handle.net/10.1080/08911916.1992.11643836 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:22:y:1992:i:2:p:27-49 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: 4. The Population Commission and the Transformation of Everyday Life Journal: International Journal of Political Economy Pages: 50-69 Issue: 2 Volume: 22 Year: 1992 Month: 6 X-DOI: 10.1080/08911916.1992.11643837 File-URL: http://hdl.handle.net/10.1080/08911916.1992.11643837 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:22:y:1992:i:2:p:50-69 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: 5. The Democratic Engineer’s Art of the 1940s, from the General Plan to the Family Journal: International Journal of Political Economy Pages: 70-87 Issue: 2 Volume: 22 Year: 1992 Month: 6 X-DOI: 10.1080/08911916.1992.11643838 File-URL: http://hdl.handle.net/10.1080/08911916.1992.11643838 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:22:y:1992:i:2:p:70-87 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: 6. The Power Aspect in the Intellectual History of Reform Journal: International Journal of Political Economy Pages: 88-99 Issue: 2 Volume: 22 Year: 1992 Month: 6 X-DOI: 10.1080/08911916.1992.11643839 File-URL: http://hdl.handle.net/10.1080/08911916.1992.11643839 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:22:y:1992:i:2:p:88-99 Template-Type: ReDIF-Article 1.0 Author-Name: Paul Mattick Author-X-Name-First: Paul Author-X-Name-Last: Mattick Title: Editor’s Introduction Journal: International Journal of Political Economy Pages: 3-5 Issue: 4 Volume: 28 Year: 1998 Month: 12 X-DOI: 10.1080/08911916.1998.11643975 File-URL: http://hdl.handle.net/10.1080/08911916.1998.11643975 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:28:y:1998:i:4:p:3-5 Template-Type: ReDIF-Article 1.0 Author-Name: Paolo Giussani Author-X-Name-First: Paolo Author-X-Name-Last: Giussani Title: Orthodoxy in Marxian Price Theory Journal: International Journal of Political Economy Pages: 6-22 Issue: 4 Volume: 28 Year: 1998 Month: 12 X-DOI: 10.1080/08911916.1998.11643976 File-URL: http://hdl.handle.net/10.1080/08911916.1998.11643976 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:28:y:1998:i:4:p:6-22 Template-Type: ReDIF-Article 1.0 Author-Name: Georg Stamatis Author-X-Name-First: Georg Author-X-Name-Last: Stamatis Title: On the “New Solution†Journal: International Journal of Political Economy Pages: 23-46 Issue: 4 Volume: 28 Year: 1998 Month: 12 X-DOI: 10.1080/08911916.1998.11643977 File-URL: http://hdl.handle.net/10.1080/08911916.1998.11643977 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:28:y:1998:i:4:p:23-46 Template-Type: ReDIF-Article 1.0 Author-Name: George Sotirchos Author-X-Name-First: George Author-X-Name-Last: Sotirchos Author-Name: Georg Stamatis Author-X-Name-First: Georg Author-X-Name-Last: Stamatis Title: A Note on Foley’s Article “The Value of Money, the Value of Labor Power and the Marxian Transformation Problem†Journal: International Journal of Political Economy Pages: 47-54 Issue: 4 Volume: 28 Year: 1998 Month: 12 X-DOI: 10.1080/08911916.1998.11643978 File-URL: http://hdl.handle.net/10.1080/08911916.1998.11643978 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:28:y:1998:i:4:p:47-54 Template-Type: ReDIF-Article 1.0 Author-Name: Ramos M. Alejandro Author-X-Name-First: Ramos M. Author-X-Name-Last: Alejandro Title: Value and Price of Production: New Evidence on Marx’s Transformation Procedure Journal: International Journal of Political Economy Pages: 55-81 Issue: 4 Volume: 28 Year: 1998 Month: 12 X-DOI: 10.1080/08911916.1998.11643979 File-URL: http://hdl.handle.net/10.1080/08911916.1998.11643979 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:28:y:1998:i:4:p:55-81 Template-Type: ReDIF-Article 1.0 Author-Name: Abelardo Mariña-Flores Author-X-Name-First: Abelardo Author-X-Name-Last: Mariña-Flores Title: Market Price of Production Journal: International Journal of Political Economy Pages: 82-118 Issue: 4 Volume: 28 Year: 1998 Month: 12 X-DOI: 10.1080/08911916.1998.11643980 File-URL: http://hdl.handle.net/10.1080/08911916.1998.11643980 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:28:y:1998:i:4:p:82-118 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Author Index to Volume 28 Journal: International Journal of Political Economy Pages: 119-120 Issue: 4 Volume: 28 Year: 1998 Month: 12 X-DOI: 10.1080/08911916.1998.11643981 File-URL: http://hdl.handle.net/10.1080/08911916.1998.11643981 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:28:y:1998:i:4:p:119-120 Template-Type: ReDIF-Article 1.0 Author-Name: Mario Seccareccia Author-X-Name-First: Mario Author-X-Name-Last: Seccareccia Title: Editor’s Introduction Journal: International Journal of Political Economy Pages: 3-4 Issue: 2 Volume: 43 Year: 2014 Month: 7 X-DOI: 10.2753/IJP0891-1916430200 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916430200 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:43:y:2014:i:2:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Robert A. Blecker Author-X-Name-First: Robert A. Author-X-Name-Last: Blecker Title: The Mexican and U.S. Economies After Twenty Years of NAFTA Abstract: Contrary to the promises of the leaders who promoted it, NAFTA did not make Mexico converge to the Uunited Sstates in per capita income, nor did it solve Mexico’s employment problems or stem the flow of migration. NAFTA did foster greater U.S.-Mexican integration and helped transform Mexico into a major exporter of manufactured goods. The benefits for the Mexican economy were attenuated, however, by heavy dependence on imported intermediate inputs in export production, as well as by Chinese competition in the U.S. market and domestically. The long-run increase in manufacturing employment in Mexico (about 400,000 jobs) was small and disappointing, while U.S. manufacturing employment plummeted by 5 million—but more because of Chinese imports than imports from Mexico. In both Mexico and the Uunited States, real wages have stagnated while productivity has continued to increase, leading to higher profit shares and a tendency toward greater inequality. Journal: International Journal of Political Economy Pages: 5-26 Issue: 2 Volume: 43 Year: 2014 Month: 7 X-DOI: 10.2753/IJP0891-1916430201 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916430201 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:43:y:2014:i:2:p:5-26 Template-Type: ReDIF-Article 1.0 Author-Name: Rodolfo GarcÃa Zamora Author-X-Name-First: Rodolfo GarcÃa Author-X-Name-Last: Zamora Title: Crisis, NAFTA, and International Migration Abstract: This article argues that the change of the economic model, accompanied by the economic and financial reforms, were the impetus for a transformation in the structure of employment and in particular of a new phase in migratory patterns. In the first part we offer a brief overview of the key debates from those years regarding migratory and productive tendencies that resulted from the NAFTA agreement. Then it analyzes the specific explanations given for the massive migration of Mexicans during the first years of NAFTA. To conclude, it examines the principal migratory tendencies in this century that relate directly to the regional economic dynamic, the economic crisis and the trends in the massive return of Mexican migrants. The economic crisis in the USA, from 2007 to 2013, brought that effect to an end, and the resulting rise in unemployment coupled with greater border militarization — including mass deportations — in this period resulted in greater numbers of forced and voluntary returns of Mexican migrants in the absence of any government support program for the economic reintegration of those migrants and their families, a context in which —coupled with the issue of un/employment— represented one of the most significant short- and long-term challenges for the nation. Journal: International Journal of Political Economy Pages: 27-46 Issue: 2 Volume: 43 Year: 2014 Month: 7 X-DOI: 10.2753/IJP0891-1916430202 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916430202 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:43:y:2014:i:2:p:27-46 Template-Type: ReDIF-Article 1.0 Author-Name: Eugenia Correa Author-X-Name-First: Eugenia Author-X-Name-Last: Correa Title: Mexico’s Financial Reforms Abstract: The North American Free Trade Agreement (NAFTA) is not only an agreement covering tradable commodities; it includes important chapters on services, especially financial services. In addition, NAFTA is also a foundational agreement for investment protection. The free movement of capital and the safeguarding of ownership rights are essential features. This article argues that Mexico’s financial reform in 1989–92 was a precondition for trade and financial liberalization under NAFTA. Thus, the content of this reform is analyzed and compared with the one carried out during the 1970s, which also opened up the financial market. Subsequently, the establishment of financial subsidiaries, and the global financial business model and its consequences on financing, are examined. Although it is not a monetary union, NAFTA does set up a form of financial junction. For Mexico, this junction signifies a global/national funding determination. It is argued that the regionalization of credit is fanciful, since credit regionalization pretends to set a constraint on the credit capacity of the central bank vis-à -vis the government and to transfer this capacity to the market. The idea of replacing the central bank’s role as a lender of last resort, in the context of the current financial climate of “too-bigto-fail,†through legislated changes cannot rely upon the support of a globalized financial system dealing in national or regional currencies. Journal: International Journal of Political Economy Pages: 47-60 Issue: 2 Volume: 43 Year: 2014 Month: 7 X-DOI: 10.2753/IJP0891-1916430203 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916430203 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:43:y:2014:i:2:p:47-60 Template-Type: ReDIF-Article 1.0 Author-Name: James K. Galbraith Author-X-Name-First: James K. Author-X-Name-Last: Galbraith Title: Inequality After NAFTA Abstract: This note presents a summary of the academic evidence on the evolution of economic inequalities at the national level in Canada, Mexico, and the Uunited Sstates, especially during the twenty years since the coming into force of NAFTA. The paper compares estimates for market, gross household, and disposable incomes from a wide range of studies and sources, including the Eestimated Household Income Inequality (EHII) series of the Uuniversity of Texas Inequality Project (UTIP). Journal: International Journal of Political Economy Pages: 61-81 Issue: 2 Volume: 43 Year: 2014 Month: 7 X-DOI: 10.2753/IJP0891-1916430204 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916430204 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:43:y:2014:i:2:p:61-81 Template-Type: ReDIF-Article 1.0 Author-Name: Alejandro Alvarez Béjar Author-X-Name-First: Alejandro Alvarez Author-X-Name-Last: Béjar Title: Economic Integration and Energy in Mexico, Before and After NAFTA Abstract: The dynamics of economic integration in North America revolves around the U.S. economy, which powerfully projects its national security interests, especially in the sphere of energy. As a country with relatively abundant nonrenewable natural resources, Mexico continues to experience the negative effects of NAFTA. The promises of prosperity resulting from free trade seem more remote by the day, and the country has witnessed the exhaustion of its resources, environmental problems, and loss of sovereignty, together with a setback for its energy companies, specifically PEMEX. The administration of President Enrique Peña Nieto is currently pursuing a program of hyperprivatization and deregulation, with the aim of opening up to private investment in strategic areas such as energy. This sector was constitutionally reserved for the nation, meaning that this is a backward step historically, which threatens both the Mexican and the U.S. population. Journal: International Journal of Political Economy Pages: 82-99 Issue: 2 Volume: 43 Year: 2014 Month: 7 X-DOI: 10.2753/IJP0891-1916430205 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916430205 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:43:y:2014:i:2:p:82-99 Template-Type: ReDIF-Article 1.0 Author-Name: Stephen McBride Author-X-Name-First: Stephen Author-X-Name-Last: McBride Author-Name: Hepzibah Muñoz Martinez Author-X-Name-First: Hepzibah Muñoz Author-X-Name-Last: Martinez Title: The “Depoliticization†of Trade Disputes in the North American Region Abstract: Using an analysis of cement and sugar/sweeter trade disputes between Mexico and the U.S. within the North American Free Trade Aagreement (NAFTA) and the World Trade Organization (WTO), the article argues that retention of trade remedies sanctions in these agreements attempts to mediate and externalize conflicting interests between those economic actors that seek to reproduce their existing economic power position within a nation-state and those that are more integrated with the global economy via trade and investment. At the same time, dispute settlement mechanisms within NAFTA and the WTO allow nation-states to appear to defend the national economic interest even as they lock-in market discipline and favor the interests of large corporations across state boundaries. Journal: International Journal of Political Economy Pages: 100-115 Issue: 2 Volume: 43 Year: 2014 Month: 7 X-DOI: 10.2753/IJP0891-1916430206 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916430206 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:43:y:2014:i:2:p:100-115 Template-Type: ReDIF-Article 1.0 Author-Name: Mario Seccareccia Author-X-Name-First: Mario Author-X-Name-Last: Seccareccia Title: Editor’s Note Journal: International Journal of Political Economy Pages: 1-1 Issue: 1 Volume: 46 Year: 2017 Month: 1 X-DOI: 10.1080/08911916.2017.1310468 File-URL: http://hdl.handle.net/10.1080/08911916.2017.1310468 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:46:y:2017:i:1:p:1-1 Template-Type: ReDIF-Article 1.0 Author-Name: Fred Moseley Author-X-Name-First: Fred Author-X-Name-Last: Moseley Title: Money and Totality: A Macro-Monetary Interpretation of Marx’s Logic in and the End of the “Transformation Problem†Abstract: This article is an introduction to the main points of my recent book by the same title. As the title suggests, the book is a reexamination of the logical method employed by Marx in his theory of capitalism in Capital, especially as related to the long-standing controversy over the so-called transformation problem, according to which Marx’s theory of prices of production in Volume 3 of Capital is supposed to be logically inconsistent with this theory of value and surplus value in Volume 1. This criticism has been the main reason for rejecting Marx’s theory over the last century. My book argues that, if Marx’s logical method is correctly understood, then his theory of prices of production in Volume 3 is logically consistent, and there is no transformation problem in Marx’s theory. The book argues that there are two main aspects of Marx’s logical method that are especially relevant to the transformation problem, and I characterize these two aspects in modern economic terms as macroeconomic and monetary. The first two sections of this article discuss in turn these two main aspects of Marx’s logical method, with primary emphasis in this article on the monetary aspect because it is the most controversial. The second section on the monetary aspect argues that Marx did not fail to transform the inputs of constant capital and variable capital, as is commonly alleged, and thus there in no “transformation problem†in Marx’s theory. The following section presents an algebraic summary of this macro-monetary interpretation of Marx’s theory, and the section after that discusses a few examples of the textual evidence related to the monetary aspect of Marx’s logical method. Journal: International Journal of Political Economy Pages: 2-21 Issue: 1 Volume: 46 Year: 2017 Month: 1 X-DOI: 10.1080/08911916.2017.1310469 File-URL: http://hdl.handle.net/10.1080/08911916.2017.1310469 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:46:y:2017:i:1:p:2-21 Template-Type: ReDIF-Article 1.0 Author-Name: Ben Fine Author-X-Name-First: Ben Author-X-Name-Last: Fine Title: Neither Equilibrium as Such nor as Abstraction: Debating Fred Moseley’s Transformation Abstract: Fred Moseley’s interpretation of Marx’s Capital (focusing on the transformation of values into prices of production) is taken as a critical point of departure, especially for its treatment as an analysis of equilibrium. Instead, through extensive reference to previous work, a dynamic interpretation is offered of the transformation, locating it in relation to abstraction in Marx’s political economy (and its antipathy to equilibrium) and to Marx’s theory of the dynamics of capital accumulation as presented throughout the three Volumes of Capital. Journal: International Journal of Political Economy Pages: 22-28 Issue: 1 Volume: 46 Year: 2017 Month: 1 X-DOI: 10.1080/08911916.2017.1310470 File-URL: http://hdl.handle.net/10.1080/08911916.2017.1310470 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:46:y:2017:i:1:p:22-28 Template-Type: ReDIF-Article 1.0 Author-Name: Eleutério F. S. Prado Author-X-Name-First: Eleutério F. S. Author-X-Name-Last: Prado Title: Moseley on Marx’s Method Abstract: Fred Mosely wrote a remarkable paper and book. He reexamines Marx’s method in order to conclude rightly that the centenary “transformation problem†is false. However, this commentary argues that he has produced an analytical reconstruction of Marx’s dialectical exposition, and this is the reason why one would contest the idea that Marx’s Capital is really a macromonetary theory. My comment claims, rather, that it is an ontological critique of capitalism and at the same time an ontological critique of economic theories in general, including all kinds of Marxist economics. Journal: International Journal of Political Economy Pages: 29-34 Issue: 1 Volume: 46 Year: 2017 Month: 1 X-DOI: 10.1080/08911916.2017.1310471 File-URL: http://hdl.handle.net/10.1080/08911916.2017.1310471 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:46:y:2017:i:1:p:29-34 Template-Type: ReDIF-Article 1.0 Author-Name: Simon Mohun Author-X-Name-First: Simon Author-X-Name-Last: Mohun Author-Name: Roberto Veneziani Author-X-Name-First: Roberto Author-X-Name-Last: Veneziani Title: Equal and Unequal Exchange in the Labor Theory of Value: Comments on Moseley Abstract: This article explores the analytics of the labor theory of value as presented by Moseley in this minisymposium. It presents a more general approach, which carefully distinguishes equivalent from nonequivalent exchange. It finds that Moseley’s results are (a) a special case of this more general approach, (b) independent of the methodology he proposes, and (c) characterized by some ambiguity as to the notions of equivalent and nonequivalent exchange and their role in the labor theory of value. Journal: International Journal of Political Economy Pages: 35-42 Issue: 1 Volume: 46 Year: 2017 Month: 1 X-DOI: 10.1080/08911916.2017.1310472 File-URL: http://hdl.handle.net/10.1080/08911916.2017.1310472 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:46:y:2017:i:1:p:35-42 Template-Type: ReDIF-Article 1.0 Author-Name: Fred Moseley Author-X-Name-First: Fred Author-X-Name-Last: Moseley Title: Reply Abstract: The issues discussed in my reply are: whether Marx’s prices of production are long-run equilibrium prices, and the relation between Marx’s prices of production and neoclassical long-run equilibrium prices, the overall logical structure of Capital, the nature of the initial givens in Marx’s theory (monetary vs. physical quantities), the determination of constant capital in particular, and the relation between Marx’s theory of the rate of profit and Sraffa’s theory of the rate of profit. Journal: International Journal of Political Economy Pages: 43-49 Issue: 1 Volume: 46 Year: 2017 Month: 1 X-DOI: 10.1080/08911916.2017.1310473 File-URL: http://hdl.handle.net/10.1080/08911916.2017.1310473 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:46:y:2017:i:1:p:43-49 Template-Type: ReDIF-Article 1.0 Author-Name: Guglielmo Forges Davanzati Author-X-Name-First: Guglielmo Author-X-Name-Last: Forges Davanzati Author-Name: Rosario Patalano Author-X-Name-First: Rosario Author-X-Name-Last: Patalano Title: Marx on Public Debt: Fiscal Expropriation and Capital Reproduction Abstract: Marx devoted little attention to the functions of the State (and, particularly, to the role of public debt) in the capitalist system, and in more recent times, little attention has been devoted to this issue on the part of Marxist scholars. Starting from a reconstruction of Marx’s view on this issue, this article aims to analyze the effects of the expansion of public debt on capital reproduction in Marx’s thought and to derive a criterion of public debt sustainability consistent with Marx’s view. Journal: International Journal of Political Economy Pages: 50-64 Issue: 1 Volume: 46 Year: 2017 Month: 1 X-DOI: 10.1080/08911916.2017.1310474 File-URL: http://hdl.handle.net/10.1080/08911916.2017.1310474 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:46:y:2017:i:1:p:50-64 Template-Type: ReDIF-Article 1.0 Author-Name: Christian Fuchs Author-X-Name-First: Christian Author-X-Name-Last: Fuchs Title: The Information Economy and the Labor Theory of Value Abstract: This article discusses aspects of the labor theory of value in the context of the information industries. First, taking the Temporal Single-System Interpretation (TSSI) of Marx’s labor theory of value as methodology, the article calculates economic demographics at the level of socially necessary labor time and prices of an example case. Second, the article questions the assumption that the labor theory of value cannot be applied to the information industries. This article tests this hypothesis with an analysis of the development of labor productivity in six countries. The article concludes that the labor theory of value is an important tool for understanding the information economy and the peculiarities of the information commodity. Journal: International Journal of Political Economy Pages: 65-89 Issue: 1 Volume: 46 Year: 2017 Month: 1 X-DOI: 10.1080/08911916.2017.1310475 File-URL: http://hdl.handle.net/10.1080/08911916.2017.1310475 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:46:y:2017:i:1:p:65-89 Template-Type: ReDIF-Article 1.0 Author-Name: Jean de Largentaye Author-X-Name-First: Jean Author-X-Name-Last: de Largentaye Title: The Reef That Wrecks the Monetary Economy Abstract: (from the 1988 French edition): Saving is the scourge of any economy that is not the mythological barter society of Ricardian economics. The author infers that saving is the major cause of unemployment in monetary economies. Journal: International Journal of Political Economy Pages: 6-12 Issue: 1 Volume: 42 Year: 2013 X-DOI: 10.2753/IJP0891-1916420101 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916420101 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:42:y:2013:i:1:p:6-12 Template-Type: ReDIF-Article 1.0 Author-Name: Victoria Chick Author-X-Name-First: Victoria Author-X-Name-Last: Chick Author-Name: Sheila Dow Author-X-Name-First: Sheila Author-X-Name-Last: Dow Title: Keynes, the Long Run, and the Present Crisis Abstract: Keynes was always alert to the fact that capitalism, though in his mind the most efficient form of economic organization, was flawed in many respects and often offered its participants no incentive to rearrange matters to bring about a better outcome. In this paper the authors briefly review some of his schemes to illustrate the general shape of his thinking on the flaws of capitalism and their correctives, and then expand on one of his concerns— that over time the marginal efficiency of capital is likely to fall—and show its relevance to the present crisis. They explore his solution, the social control of investment, discuss problems of implementation, and conclude with some general remarks on the future of capitalism. Journal: International Journal of Political Economy Pages: 13-25 Issue: 1 Volume: 42 Year: 2013 X-DOI: 10.2753/IJP0891-1916420102 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916420102 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:42:y:2013:i:1:p:13-25 Template-Type: ReDIF-Article 1.0 Author-Name: John Smithin Author-X-Name-First: John Author-X-Name-Last: Smithin Title: A Rehabilitation of the Model of Effective Demand from Chapter 3 of Keynes's (1936) Abstract: The model of effective demand from Keynes's General Theory was rendered graphically by such post-Keynesian scholars as Chick (1983), Davidson (2011), Davidson and Smolensky (1964), and Weintraub (1961). It has been criticized in detail by Patinkin (1976, 1982) and (implicitly) by the whole development of mainstream economics in the past seventy-five years. This paper shows that a version of the model can be rehabilitated simply by picking up on the idea from Kaldor (1983, 1985) that the underlying assumption should be a world of "imperfect competition," rather than "perfect competition." Samuelson (1996) later claimed that the Keynesian approach had rested all along on "imperfectly competitive micro-foundations," but seemed to make no attempt to demonstrate this earlier (e.g, in Samuelson 1964). Journal: International Journal of Political Economy Pages: 40-58 Issue: 1 Volume: 42 Year: 2013 X-DOI: 10.2753/IJP0891-1916420104 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916420104 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:42:y:2013:i:1:p:40-58 Template-Type: ReDIF-Article 1.0 Author-Name: Mario Seccareccia Author-X-Name-First: Mario Author-X-Name-Last: Seccareccia Author-Name: Alain Parguez Author-X-Name-First: Alain Author-X-Name-Last: Parguez Author-Name: Slim Thabet Author-X-Name-First: Slim Author-X-Name-Last: Thabet Title: Editors' Introduction Abstract: Journal: International Journal of Political Economy Pages: 3-5 Issue: 1 Volume: 42 Year: 2013 X-DOI: 10.2753/IJP0891-1916420100 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916420100 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:42:y:2013:i:1:p:3-5 Template-Type: ReDIF-Article 1.0 Author-Name: Alain Parguez Author-X-Name-First: Alain Author-X-Name-Last: Parguez Author-Name: Slim Thabet Author-X-Name-First: Slim Author-X-Name-Last: Thabet Title: The Twenty-First Century World Crisis: A Keynes Moment? Abstract: Orthodox economists, whatever their vintage, are puzzled: How could the current deep recession triggered by the 2008 financial crisis be worsening despite the efforts being made to return to stability? For a brief moment after the crisis, Keynes became fashionable, but his ideas have again been forgotten. Technocrats and politicians do not find an answer in Keynes for the cause of the crisis, or as to the policies that they should implement. Again there is widespread fear that being too Keynesian could generate a collapse of the system. In this paper, we intend first to explain why the ongoing crisis is not a recession but a structural crisis of the capitalist system. The system's decline started well before 2008 and clearly reflects the core message of the General Theory, namely, that the capitalist system has a fatal tendency to decay. A fresh reading of Keynes provides the answer as to what finally transformed the tendency into an accelerating process that is destroying the pillars of capitalism. It also indicates what should be done immediately to prevent chaos and the restoration of a backward social and economic system. The authors address the remaining question of why so few Keynesians of the first generation and many new post Keynesians do not recognize Keynes's prophecy. Journal: International Journal of Political Economy Pages: 26-39 Issue: 1 Volume: 42 Year: 2013 X-DOI: 10.2753/IJP0891-1916420103 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916420103 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:42:y:2013:i:1:p:26-39 Template-Type: ReDIF-Article 1.0 Author-Name: López Julio Author-X-Name-First: López Author-X-Name-Last: Julio Author-Name: Luis Ortiz Author-X-Name-First: Luis Author-X-Name-Last: Ortiz Title: Effective Demand in the Recent Evolution of the U.S. Economy Abstract: This paper puts forward the notion that the recent evolution of the U.S. economy can be fully explained by demand-side variables. The authors empirically test some hypotheses about the role of fiscal and monetary policies and of income distribution in shaping effective demand. Using a rigorous econometric analysis, they estimate a macroeconomic model, test the validity of its probability and underlying statistical assumptions, and conclude that fiscal and monetary variables, together with the wage share, do in fact influence effective demand and thus shape the overall evolution of the U.S. economy. Journal: International Journal of Political Economy Pages: 59-81 Issue: 1 Volume: 42 Year: 2013 X-DOI: 10.2753/IJP0891-1916420105 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916420105 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:42:y:2013:i:1:p:59-81 Template-Type: ReDIF-Article 1.0 Author-Name: Pierre Kohler Author-X-Name-First: Pierre Author-X-Name-Last: Kohler Author-Name: Servaas Storm Author-X-Name-First: Servaas Author-X-Name-Last: Storm Title: CETA without Blinders: How Cutting “Trade Costs and More†Will Cause Unemployment, Inequality, and Welfare Losses Abstract: Proponents of the Comprehensive Economic and Trade Agreement (CETA) emphasize its prospective economic benefits, with economic growth increasing due to rising trade volumes and investment. Widely cited official projections suggest modest GDP gains after about a decade, varying from between 0.003% and 0.08% in the European Union and between 0.03% and 0.76% in Canada. However, all these quantitative projections stem from the same trade model, which assumes full employment and neutral (if not constant) income distribution in all countries, excluding from the outset any of the major risks of deeper liberalization. This lack of intellectual diversity and of realism shrouding the debate around CETA’s alleged economic benefits calls for an alternative assessment grounded in more realistic modeling premises. In this paper, we provide alternative projections of CETA’s economic effects using the United Nations Global Policy Model (GPM). Allowing for changes in employment and income distribution, we obtain very different results. In contrast to positive outcomes projected with full-employment models, we find CETA will lead to intra-EU trade diversion. More importantly, in the current context of tepid economic growth, competitive pressures induced by CETA will cause unemployment, inequality, and welfare losses. At a minimum, this shows that official studies do not offer a solid basis for an informed decision on CETA. Journal: International Journal of Political Economy Pages: 257-293 Issue: 4 Volume: 45 Year: 2016 Month: 10 X-DOI: 10.1080/08911916.2016.1270081 File-URL: http://hdl.handle.net/10.1080/08911916.2016.1270081 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:45:y:2016:i:4:p:257-293 Template-Type: ReDIF-Article 1.0 Author-Name: André Nassif Author-X-Name-First: André Author-X-Name-Last: Nassif Author-Name: Carmem Feijo Author-X-Name-First: Carmem Author-X-Name-Last: Feijo Author-Name: Eliane Araújo Author-X-Name-First: Eliane Author-X-Name-Last: Araújo Title: The BRICS’s Economic Growth Performance before and after the International Financial Crisis Abstract: The aim of this paper is to shed some light on the issue of why some BRICS countries are doing much better than others after the international financial crisis. Although these economies share some common economic historical ground, and collectively had been performing much better than the world average in the last decades, their room to maneuver to administrate short-term economic policy to sustain growth in the context of world recession is not similar. Our main assumption is that their different performances can be explained by the degree of their external vulnerabilities, which basically depend on how cautious they were to embrace the liberal policy orientations that became dominant in the 1980s and 1990s with the so-called new macroeconomic consensus. Journal: International Journal of Political Economy Pages: 294-314 Issue: 4 Volume: 45 Year: 2016 Month: 10 X-DOI: 10.1080/08911916.2016.1270083 File-URL: http://hdl.handle.net/10.1080/08911916.2016.1270083 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:45:y:2016:i:4:p:294-314 Template-Type: ReDIF-Article 1.0 Author-Name: Kalim Siddiqui Author-X-Name-First: Kalim Author-X-Name-Last: Siddiqui Title: Will the Growth of the BRICs Cause a Shift in the Global Balance of Economic Power in the 21st Century? Abstract: Some 42% of the world’s population (i.e., 3 billion people) live in Brazil, Russia, India, and China, collectively known as BRICs. Of these four, India and Brazil also have a higher than average birth rate. The combined economy of the BRICs made up 25.6% of the global GDP in 2015 and has been projected to increase to 33% by 2020. Studying the BRICs economies is important for a number of reasons, including their rapid economic growth rates, large populations, and fast-growing markets for goods and capital. Their average per capita annual income ranges from about US$3,000 to nearly US$15,000 in PPP terms. However, in 2015 their average annual GDP growth exceeded 6%, which is much higher than the 1.9% of the OECD countries. It is estimated that their share in the world economy could double over the next two decades, from 25.6% to 40%. Journal: International Journal of Political Economy Pages: 315-338 Issue: 4 Volume: 45 Year: 2016 Month: 10 X-DOI: 10.1080/08911916.2016.1270084 File-URL: http://hdl.handle.net/10.1080/08911916.2016.1270084 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:45:y:2016:i:4:p:315-338 Template-Type: ReDIF-Article 1.0 Author-Name: Fabio Masini Author-X-Name-First: Fabio Author-X-Name-Last: Masini Title: Trading-Off National and Supranational Collective Goods: The Birth and Death of Neoliberal Pluralism Abstract: The division of power among different layers of government and the designing of international institutions are crucial for the neoliberal project. Nevertheless, this can be approached in two very different ways. The first is to limit the power of national bodies to provide collective goods, the core of the welfare state, through supranational rules and agencies, oriented to provide only a market-preserving framework. The second is to assign powers to different layers of government following issues of efficacy and effectiveness of public intervention. The former is the approach to supranational federalism that proved successful in the last few decades. We explore its evolution and show that the neoliberal thought collective, in its origins, had a much more heterogeneous and pluralistic attitude toward the trade-off between national and supranational public goods. Journal: International Journal of Political Economy Pages: 339-356 Issue: 4 Volume: 45 Year: 2016 Month: 10 X-DOI: 10.1080/08911916.2016.1270085 File-URL: http://hdl.handle.net/10.1080/08911916.2016.1270085 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:45:y:2016:i:4:p:339-356 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Editorial Board EOV Journal: International Journal of Political Economy Pages: ebi-ebi Issue: 4 Volume: 45 Year: 2016 Month: 10 X-DOI: 10.1080/08911916.2016.1295750 File-URL: http://hdl.handle.net/10.1080/08911916.2016.1295750 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:45:y:2016:i:4:p:ebi-ebi Template-Type: ReDIF-Article 1.0 Author-Name: Paul Mattick Author-X-Name-First: Paul Author-X-Name-Last: Mattick Title: Editor’s Note Journal: International Journal of Political Economy Pages: 3-5 Issue: 3 Volume: 18 Year: 1988 Month: 9 X-DOI: 10.1080/08911916.1988.11643750 File-URL: http://hdl.handle.net/10.1080/08911916.1988.11643750 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:18:y:1988:i:3:p:3-5 Template-Type: ReDIF-Article 1.0 Author-Name: Guglielmo Carchedi Author-X-Name-First: Guglielmo Author-X-Name-Last: Carchedi Title: 1. Introduction Journal: International Journal of Political Economy Pages: 6-13 Issue: 3 Volume: 18 Year: 1988 Month: 9 X-DOI: 10.1080/08911916.1988.11643751 File-URL: http://hdl.handle.net/10.1080/08911916.1988.11643751 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:18:y:1988:i:3:p:6-13 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: 2. Marxian Price Theory in the National Context Journal: International Journal of Political Economy Pages: 14-49 Issue: 3 Volume: 18 Year: 1988 Month: 9 X-DOI: 10.1080/08911916.1988.11643752 File-URL: http://hdl.handle.net/10.1080/08911916.1988.11643752 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:18:y:1988:i:3:p:14-49 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: 3. Marx on International Market Values Journal: International Journal of Political Economy Pages: 50-52 Issue: 3 Volume: 18 Year: 1988 Month: 9 X-DOI: 10.1080/08911916.1988.11643753 File-URL: http://hdl.handle.net/10.1080/08911916.1988.11643753 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:18:y:1988:i:3:p:50-52 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: 4. Emmanuel’s “Narrow†Unequal Exchange Journal: International Journal of Political Economy Pages: 53-56 Issue: 3 Volume: 18 Year: 1988 Month: 9 X-DOI: 10.1080/08911916.1988.11643754 File-URL: http://hdl.handle.net/10.1080/08911916.1988.11643754 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:18:y:1988:i:3:p:53-56 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: 5. The Sraffa-Based Model of Unequal Exchange Journal: International Journal of Political Economy Pages: 57-58 Issue: 3 Volume: 18 Year: 1988 Month: 9 X-DOI: 10.1080/08911916.1988.11643755 File-URL: http://hdl.handle.net/10.1080/08911916.1988.11643755 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:18:y:1988:i:3:p:57-58 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: 6. The Modern Context of Marxian Price Theory Journal: International Journal of Political Economy Pages: 59-73 Issue: 3 Volume: 18 Year: 1988 Month: 9 X-DOI: 10.1080/08911916.1988.11643756 File-URL: http://hdl.handle.net/10.1080/08911916.1988.11643756 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:18:y:1988:i:3:p:59-73 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: 7. International Production Prices Journal: International Journal of Political Economy Pages: 74-88 Issue: 3 Volume: 18 Year: 1988 Month: 9 X-DOI: 10.1080/08911916.1988.11643757 File-URL: http://hdl.handle.net/10.1080/08911916.1988.11643757 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:18:y:1988:i:3:p:74-88 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: 8. International Production Prices and the Current Monetary Crisis Journal: International Journal of Political Economy Pages: 89-93 Issue: 3 Volume: 18 Year: 1988 Month: 9 X-DOI: 10.1080/08911916.1988.11643758 File-URL: http://hdl.handle.net/10.1080/08911916.1988.11643758 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:18:y:1988:i:3:p:89-93 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: 9. Conclusions Journal: International Journal of Political Economy Pages: 94-94 Issue: 3 Volume: 18 Year: 1988 Month: 9 X-DOI: 10.1080/08911916.1988.11643759 File-URL: http://hdl.handle.net/10.1080/08911916.1988.11643759 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:18:y:1988:i:3:p:94-94 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Notes Journal: International Journal of Political Economy Pages: 95-106 Issue: 3 Volume: 18 Year: 1988 Month: 9 X-DOI: 10.1080/08911916.1988.11643760 File-URL: http://hdl.handle.net/10.1080/08911916.1988.11643760 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:18:y:1988:i:3:p:95-106 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Bibliography Journal: International Journal of Political Economy Pages: 107-112 Issue: 3 Volume: 18 Year: 1988 Month: 9 X-DOI: 10.1080/08911916.1988.11643761 File-URL: http://hdl.handle.net/10.1080/08911916.1988.11643761 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:18:y:1988:i:3:p:107-112 Template-Type: ReDIF-Article 1.0 Author-Name: Michele Cangiani Author-X-Name-First: Michele Author-X-Name-Last: Cangiani Title: "Freedom in a Complex Society" Abstract: Karl Polanyi's demanding vision of freedom and democracy seems far from the reality of our times and current ideologies. However, a deeper analysis reveals the ability of his political philosophy not only to find a solution of the paradox of liberty in spite of social constraints, indeed through social institutions, but also to answer the most important practical question with which we are confronted: that of improving, as Polanyi says, "our chances of survival." The conception synthetically expounded in the last pages of The Great Transformation can be better clarified through some of Polanyi's recently published manuscripts of the interwar period. A reference is also to be made to Karl Marx in the first place but also to other more recent authors. Journal: International Journal of Political Economy Pages: 34-53 Issue: 4 Volume: 41 Year: 2012 X-DOI: 10.2753/IJP0891-1916410403 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916410403 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:41:y:2012:i:4:p:34-53 Template-Type: ReDIF-Article 1.0 Author-Name: Kari Polanyi-Levitt Author-X-Name-First: Kari Author-X-Name-Last: Polanyi-Levitt Title: The Power of Ideas: Keynes, Hayek, and Polanyi Abstract: The history of intellectual movements during the twentieth century suggests that ideas can play a transformative role in society. John Maynard Keynes's revolutionary ideas formed the basis of the postwar institutional structure but only after the political and economic conditions permitted it. Hayekian neoliberalism took hold only after the 1970s with the rise of globalization and financialization and with the progressive erosion of democracy. Karl Polanyi's vision advises that financialization/globalization has created problems that go beyond the debate over stimulus versus austerity and raises questions about the viability of a universal market economy. Journal: International Journal of Political Economy Pages: 5-15 Issue: 4 Volume: 41 Year: 2012 X-DOI: 10.2753/IJP0891-1916410401 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916410401 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:41:y:2012:i:4:p:5-15 Template-Type: ReDIF-Article 1.0 Author-Name: Birsen Filip Author-X-Name-First: Birsen Author-X-Name-Last: Filip Title: Polanyi and Hayek on Freedom, the State, and Economics Abstract: This paper examines the relationship that prevails between the state, economics, and freedom according to the works of Friedrich Hayek and Karl Polanyi. Hayek, who was one of the most important contributors to the development of the modern market economy and liberalism, formulated a concept of freedom that includes economic and negative freedom as significant components; his objective was to demonstrate the superiority of liberal capitalist societies over all other forms of organizing a society in terms of achieving freedom. Meanwhile, Polanyi, who confronted all forms of totalitarian regimes and argued that a "self-regulating market … was a utopian project," formulated a concept of freedom that rejected the self-regulating mechanism of the market economy as a component of freedom; he supported regulated markets and included moral, ethical, and social values among the key components required for the realization of freedom. This paper shows that Hayek failed to foresee the destructive social consequences and dehumanizing aspects of modern market capitalism, and promoted the free market economy as a guardian of freedom primarily for its instrumental value. Conversely, Polanyi was able to anticipate the modern market economy's potential to engender disastrous consequences for the whole of humanity and provided an honest and objective analysis of the modern market system that is indispensable for understanding the dilemmas, issues, and contradictions of economic globalization. Journal: International Journal of Political Economy Pages: 69-87 Issue: 4 Volume: 41 Year: 2012 X-DOI: 10.2753/IJP0891-1916410405 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916410405 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:41:y:2012:i:4:p:69-87 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Author Index to Abstract: Journal: International Journal of Political Economy Pages: 106-107 Issue: 4 Volume: 41 Year: 2012 X-DOI: 10.1080/08911916.2012.11043084 File-URL: http://hdl.handle.net/10.1080/08911916.2012.11043084 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:41:y:2012:i:4:p:106-107 Template-Type: ReDIF-Article 1.0 Author-Name: Alain Parguez Author-X-Name-First: Alain Author-X-Name-Last: Parguez Title: The Fundamental and Eternal Conflict Abstract: This contribution aims at exploring what is today the new "normal" in economic policy, namely, austerity. It must be read as a homage to Karl Polanyi, the first who understood the tragedy, and to Kari Polanyi-Levitt, who expanded on her father's thought. Austerity has nothing to do with old anticyclical or stabilizing policies. It is a permanent regime devoid of any sound foundations. It is a pure quasi-religious policy that is self-reinforcing. The author emphasizes the fundamental conflict between its promoter, Friedrich Hayek, and its adversary, John Maynard Keynes, and points to the sole towering intellectual, Karl Polanyi, who understood that their conflict embodied two radically different visions of the world. Polanyi discovered that the core of the conflict was the merciless fight between the supreme rule of God-given market laws, the Hayekian order, and democracy enshrined in a peaceful society that is oriented toward the future. The Hayekian order abolishes the modern democratic state, sacrifices the future, and extols poverty for the sake of order. Polanyi was the first to have discovered the true message of Keynes, who had destroyed the logical foundations of Hayek's philosophy and economics. In conclusion, the author strives to explain why, early in the twenty-first century, the Hayekian legacy is the true road to serfdom because it ignores Polanyi and encourages belief in market laws. Early American "Keynesians," who knew nothing about Hayek, transformed Keynes into a new Léon Walras. These early Keynesians were doomed from the start and vanished when they endorsed the Philips curve as expressing the absolute truth. Journal: International Journal of Political Economy Pages: 54-68 Issue: 4 Volume: 41 Year: 2012 X-DOI: 10.2753/IJP0891-1916410404 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916410404 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:41:y:2012:i:4:p:54-68 Template-Type: ReDIF-Article 1.0 Author-Name: Paula Valderrama Author-X-Name-First: Paula Author-X-Name-Last: Valderrama Title: "Planning for Freedom" Abstract: In the first part of the paper, the concepts of "planning for freedom" by Friedrich Hayek and Karl Polanyi are compared. Hayek rejects "central planning" and also all kinds of "planning for specific aims," but he defends the principle of "planning for competition" as the main condition of a free society. This principle includes the provision of a pertinent institutional framework and state intervention to create markets in spheres of society previously ruled by nonmarket principles. Polanyi agrees that "planning" is necessary in order to achieve freedom in a complex society, but he criticizes the liberal understanding of freedom as a vain "illusion" and considers the principle of "planning for competition" a political ideal that endangers the cohesion of societies. The starting point of Polanyi's argumentation is Karl Marx's theory of reification, but he goes beyond this, complementing it with the concept of "social freedom" based on knowledge and responsibility. Considering the Latin American experience in recent decades, the paper compares Hayekian and Polanyian concepts of "planning for freedom" in their real political and social dimensions. Journal: International Journal of Political Economy Pages: 88-105 Issue: 4 Volume: 41 Year: 2012 X-DOI: 10.2753/IJP0891-1916410406 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916410406 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:41:y:2012:i:4:p:88-105 Template-Type: ReDIF-Article 1.0 Author-Name: Mario Seccareccia Author-X-Name-First: Mario Author-X-Name-Last: Seccareccia Title: Critique of Current Neoliberalism from a Polanyian Perspective—Politics, Philosophy, and Economics Abstract: Journal: International Journal of Political Economy Pages: 3-4 Issue: 4 Volume: 41 Year: 2012 X-DOI: 10.2753/IJP0891-1916410400 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916410400 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:41:y:2012:i:4:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Claus Thomasberger Author-X-Name-First: Claus Author-X-Name-Last: Thomasberger Title: The Belief in Economic Determinism, Neoliberalism, and the Significance of Polanyi's Contribution in the Twenty-First Century Abstract: How can we explain why Karl Polanyi's book The Great Transformation is more relevant today than ever before? The central thesis of the paper is that Polanyi's analysis is groundbreaking because it goes far beyond the interpretation of the civilization of the nineteenth century. By focusing on the "belief of economic determinism," Polanyi challenges the juxtaposition of being and thinking, of material life-process and consciousness. He rejects the assumption that society encompasses a world of objective facts independent of theoretical beliefs and visions. Polanyi's work is of utmost importance today because by anticipating a change in approach such as the liberal authors made, from the opposite point of view, during the interwar period, he offers the key not only to the analysis of the market mechanism, but also to a critical understanding of neoliberalism. Journal: International Journal of Political Economy Pages: 16-33 Issue: 4 Volume: 41 Year: 2012 X-DOI: 10.2753/IJP0891-1916410402 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916410402 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:41:y:2012:i:4:p:16-33 Template-Type: ReDIF-Article 1.0 Author-Name: Mario Seccareccia Author-X-Name-First: Mario Author-X-Name-Last: Seccareccia Title: Editor's Introduction Abstract: Journal: International Journal of Political Economy Pages: 3-4 Issue: 3 Volume: 37 Year: 2008 X-DOI: 10.2753/IJP0891-1916370300 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916370300 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:37:y:2008:i:3:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Jamee Moudud Author-X-Name-First: Jamee Author-X-Name-Last: Moudud Author-Name: Karl Botchway Author-X-Name-First: Karl Author-X-Name-Last: Botchway Title: The Search for a New Developmental State Abstract: Journal: International Journal of Political Economy Pages: 5-26 Issue: 3 Volume: 37 Year: 2008 X-DOI: 10.2753/IJP0891-1916370301 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916370301 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:37:y:2008:i:3:p:5-26 Template-Type: ReDIF-Article 1.0 Author-Name: Juan Moreno-Brid Author-X-Name-First: Juan Author-X-Name-Last: Moreno-Brid Author-Name: Igor Paunovic Author-X-Name-First: Igor Author-X-Name-Last: Paunovic Title: What Is New and What Is Left of the Economic Policies of the New Left Governments of Latin America? Abstract: Journal: International Journal of Political Economy Pages: 82-108 Issue: 3 Volume: 37 Year: 2008 X-DOI: 10.2753/IJP0891-1916370304 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916370304 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:37:y:2008:i:3:p:82-108 Template-Type: ReDIF-Article 1.0 Author-Name: Ignacio Perrotini Author-X-Name-First: Ignacio Author-X-Name-Last: Perrotini Author-Name: Juan Vázquez Author-X-Name-First: Juan Author-X-Name-Last: Vázquez Author-Name: Blanca Avendaño Author-X-Name-First: Blanca Author-X-Name-Last: Avendaño Title: Toward a New Developmental Paradigm for Latin America Abstract: Journal: International Journal of Political Economy Pages: 54-81 Issue: 3 Volume: 37 Year: 2008 X-DOI: 10.2753/IJP0891-1916370303 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916370303 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:37:y:2008:i:3:p:54-81 Template-Type: ReDIF-Article 1.0 Author-Name: Esteban Caldentey Author-X-Name-First: Esteban Author-X-Name-Last: Caldentey Title: The Concept and Evolution of the Developmental State Abstract: Journal: International Journal of Political Economy Pages: 27-53 Issue: 3 Volume: 37 Year: 2008 X-DOI: 10.2753/IJP0891-1916370302 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916370302 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:37:y:2008:i:3:p:27-53 Template-Type: ReDIF-Article 1.0 Author-Name: JANE D'ARISTA Author-X-Name-First: JANE Author-X-Name-Last: D'ARISTA Title: Balance of Payments Constraints on the Conduct of Independent Monetary Policies in a Globalized World : The NAFTA Experience Abstract: Journal: International Journal of Political Economy Pages: 72-89 Issue: 3 Volume: 33 Year: 2003 X-DOI: 10.1080/08911916.2003.11042902 File-URL: http://hdl.handle.net/10.1080/08911916.2003.11042902 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:33:y:2003:i:3:p:72-89 Template-Type: ReDIF-Article 1.0 Author-Name: ROBERT A. BLECKER Author-X-Name-First: ROBERT A. Author-X-Name-Last: BLECKER Title: The North American Economies After NAFTA : A Critical Appraisal Abstract: Journal: International Journal of Political Economy Pages: 5-27 Issue: 3 Volume: 33 Year: 2003 X-DOI: 10.1080/08911916.2003.11042903 File-URL: http://hdl.handle.net/10.1080/08911916.2003.11042903 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:33:y:2003:i:3:p:5-27 Template-Type: ReDIF-Article 1.0 Author-Name: CLEMENTE RUIZ DURÃN Author-X-Name-First: CLEMENTE RUIZ Author-X-Name-Last: DURÃN Title: NAFTA: Lessons from an Uneven Integration Abstract: Journal: International Journal of Political Economy Pages: 50-71 Issue: 3 Volume: 33 Year: 2003 X-DOI: 10.1080/08911916.2003.11042904 File-URL: http://hdl.handle.net/10.1080/08911916.2003.11042904 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:33:y:2003:i:3:p:50-71 Template-Type: ReDIF-Article 1.0 Author-Name: MARIO SECCARECCIA Author-X-Name-First: MARIO Author-X-Name-Last: SECCARECCIA Title: Editor's Introduction Abstract: Journal: International Journal of Political Economy Pages: 3-4 Issue: 3 Volume: 33 Year: 2003 X-DOI: 10.1080/08911916.2003.11042905 File-URL: http://hdl.handle.net/10.1080/08911916.2003.11042905 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:33:y:2003:i:3:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: MEL WATKINS Author-X-Name-First: MEL Author-X-Name-Last: WATKINS Title: The Clash of Ideas: Neoclassical Trade Theory Versus Canadian Political Economy Abstract: Journal: International Journal of Political Economy Pages: 90-101 Issue: 3 Volume: 33 Year: 2003 X-DOI: 10.1080/08911916.2003.11042906 File-URL: http://hdl.handle.net/10.1080/08911916.2003.11042906 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:33:y:2003:i:3:p:90-101 Template-Type: ReDIF-Article 1.0 Author-Name: JIM STANFORD Author-X-Name-First: JIM Author-X-Name-Last: STANFORD Title: Economic Models and Economic Reality : North American Free Trade and the Predictions of Economists Abstract: Journal: International Journal of Political Economy Pages: 28-49 Issue: 3 Volume: 33 Year: 2003 X-DOI: 10.1080/08911916.2003.11042907 File-URL: http://hdl.handle.net/10.1080/08911916.2003.11042907 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:33:y:2003:i:3:p:28-49 Template-Type: ReDIF-Article 1.0 Author-Name: Otto Holman Author-X-Name-First: Otto Author-X-Name-Last: Holman Title: Introduction Journal: International Journal of Political Economy Pages: 3-22 Issue: 1 Volume: 22 Year: 1992 Month: 3 X-DOI: 10.1080/08911916.1992.11643828 File-URL: http://hdl.handle.net/10.1080/08911916.1992.11643828 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:22:y:1992:i:1:p:3-22 Template-Type: ReDIF-Article 1.0 Author-Name: Heinz-Jürgen Axt Author-X-Name-First: Heinz-Jürgen Author-X-Name-Last: Axt Title: Liberalization and Cohesion Journal: International Journal of Political Economy Pages: 23-40 Issue: 1 Volume: 22 Year: 1992 Month: 3 X-DOI: 10.1080/08911916.1992.11643829 File-URL: http://hdl.handle.net/10.1080/08911916.1992.11643829 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:22:y:1992:i:1:p:23-40 Template-Type: ReDIF-Article 1.0 Author-Name: Klaus-Peter Weiner Author-X-Name-First: Klaus-Peter Author-X-Name-Last: Weiner Title: Between Political Regionalization and Economic Globalization Journal: International Journal of Political Economy Pages: 41-62 Issue: 1 Volume: 22 Year: 1992 Month: 3 X-DOI: 10.1080/08911916.1992.11643830 File-URL: http://hdl.handle.net/10.1080/08911916.1992.11643830 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:22:y:1992:i:1:p:41-62 Template-Type: ReDIF-Article 1.0 Author-Name: Frank Deppe Author-X-Name-First: Frank Author-X-Name-Last: Deppe Title: The Future of the European Community Journal: International Journal of Political Economy Pages: 63-82 Issue: 1 Volume: 22 Year: 1992 Month: 3 X-DOI: 10.1080/08911916.1992.11643831 File-URL: http://hdl.handle.net/10.1080/08911916.1992.11643831 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:22:y:1992:i:1:p:63-82 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Erratum Journal: International Journal of Political Economy Pages: 83-83 Issue: 1 Volume: 22 Year: 1992 Month: 3 X-DOI: 10.1080/08911916.1992.11643832 File-URL: http://hdl.handle.net/10.1080/08911916.1992.11643832 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:22:y:1992:i:1:p:83-83 Template-Type: ReDIF-Article 1.0 Author-Name: Riccardo Bellofiore Author-X-Name-First: Riccardo Author-X-Name-Last: Bellofiore Title: Guest Editor’s Introduction Journal: International Journal of Political Economy Pages: 3-20 Issue: 2 Volume: 27 Year: 1997 Month: 6 X-DOI: 10.1080/08911916.1997.11643944 File-URL: http://hdl.handle.net/10.1080/08911916.1997.11643944 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:27:y:1997:i:2:p:3-20 Template-Type: ReDIF-Article 1.0 Author-Name: Augusto Graziani Author-X-Name-First: Augusto Author-X-Name-Last: Graziani Title: Let’s Rehabilitate the Theory of Value Journal: International Journal of Political Economy Pages: 21-25 Issue: 2 Volume: 27 Year: 1997 Month: 6 X-DOI: 10.1080/08911916.1997.11643945 File-URL: http://hdl.handle.net/10.1080/08911916.1997.11643945 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:27:y:1997:i:2:p:21-25 Template-Type: ReDIF-Article 1.0 Author-Name: Augusto Graziani Author-X-Name-First: Augusto Author-X-Name-Last: Graziani Title: The Marxist Theory of Money Journal: International Journal of Political Economy Pages: 26-50 Issue: 2 Volume: 27 Year: 1997 Month: 6 X-DOI: 10.1080/08911916.1997.11643946 File-URL: http://hdl.handle.net/10.1080/08911916.1997.11643946 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:27:y:1997:i:2:p:26-50 Template-Type: ReDIF-Article 1.0 Author-Name: Marcello Messori Author-X-Name-First: Marcello Author-X-Name-Last: Messori Title: The Theory of Value Without Commodity Money? Journal: International Journal of Political Economy Pages: 51-96 Issue: 2 Volume: 27 Year: 1997 Month: 6 X-DOI: 10.1080/08911916.1997.11643947 File-URL: http://hdl.handle.net/10.1080/08911916.1997.11643947 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:27:y:1997:i:2:p:51-96 Template-Type: ReDIF-Article 1.0 Author-Name: Riccardo Bellofiore Author-X-Name-First: Riccardo Author-X-Name-Last: Bellofiore Author-Name: Riccardo Realfonzo Author-X-Name-First: Riccardo Author-X-Name-Last: Realfonzo Title: Finance and the Labor Theory of Value Journal: International Journal of Political Economy Pages: 97-118 Issue: 2 Volume: 27 Year: 1997 Month: 6 X-DOI: 10.1080/08911916.1997.11643948 File-URL: http://hdl.handle.net/10.1080/08911916.1997.11643948 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:27:y:1997:i:2:p:97-118 Template-Type: ReDIF-Article 1.0 Author-Name: Paul Mattick Author-X-Name-First: Paul Author-X-Name-Last: Mattick Title: Editor’s Introduction Journal: International Journal of Political Economy Pages: 3-4 Issue: 4 Volume: 29 Year: 1999 Month: 12 X-DOI: 10.1080/08911916.1999.11643998 File-URL: http://hdl.handle.net/10.1080/08911916.1999.11643998 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:29:y:1999:i:4:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Paolo Giussani Author-X-Name-First: Paolo Author-X-Name-Last: Giussani Title: The Limits of a Mixed Economy and the Accumulation of Capital in Our Times Journal: International Journal of Political Economy Pages: 5-13 Issue: 4 Volume: 29 Year: 1999 Month: 12 X-DOI: 10.1080/08911916.1999.11643999 File-URL: http://hdl.handle.net/10.1080/08911916.1999.11643999 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:29:y:1999:i:4:p:5-13 Template-Type: ReDIF-Article 1.0 Author-Name: Diego Guerrero Author-X-Name-First: Diego Author-X-Name-Last: Guerrero Title: Nonproductive Labor, Growth, and the Expansion of the Tertiary Sector Journal: International Journal of Political Economy Pages: 14-55 Issue: 4 Volume: 29 Year: 1999 Month: 12 X-DOI: 10.1080/08911916.1999.11644000 File-URL: http://hdl.handle.net/10.1080/08911916.1999.11644000 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:29:y:1999:i:4:p:14-55 Template-Type: ReDIF-Article 1.0 Author-Name: Bhandari Rakesh Author-X-Name-First: Bhandari Author-X-Name-Last: Rakesh Title: On the Continuing Relevance of Mattick’s Critique of Marcuse Journal: International Journal of Political Economy Pages: 56-88 Issue: 4 Volume: 29 Year: 1999 Month: 12 X-DOI: 10.1080/08911916.1999.11644001 File-URL: http://hdl.handle.net/10.1080/08911916.1999.11644001 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:29:y:1999:i:4:p:56-88 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Author Index to Volume 29 Journal: International Journal of Political Economy Pages: 89-90 Issue: 4 Volume: 29 Year: 1999 Month: 12 X-DOI: 10.1080/08911916.1999.11644002 File-URL: http://hdl.handle.net/10.1080/08911916.1999.11644002 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:29:y:1999:i:4:p:89-90 Template-Type: ReDIF-Article 1.0 Author-Name: Jerzy Hausner Author-X-Name-First: Jerzy Author-X-Name-Last: Hausner Author-Name: Bob Jessop Author-X-Name-First: Bob Author-X-Name-Last: Jessop Author-Name: Stanislaw Owsiak Author-X-Name-First: Stanislaw Author-X-Name-Last: Owsiak Title: Preface Journal: International Journal of Political Economy Pages: 3-3 Issue: 2 Volume: 23 Year: 1993 Month: 6 X-DOI: 10.1080/08911916.1993.11643857 File-URL: http://hdl.handle.net/10.1080/08911916.1993.11643857 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:23:y:1993:i:2:p:3-3 Template-Type: ReDIF-Article 1.0 Author-Name: Jerzy Hausner Author-X-Name-First: Jerzy Author-X-Name-Last: Hausner Title: Introduction Journal: International Journal of Political Economy Pages: 5-8 Issue: 2 Volume: 23 Year: 1993 Month: 6 X-DOI: 10.1080/08911916.1993.11643858 File-URL: http://hdl.handle.net/10.1080/08911916.1993.11643858 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:23:y:1993:i:2:p:5-8 Template-Type: ReDIF-Article 1.0 Author-Name: Bob Jessop Author-X-Name-First: Bob Author-X-Name-Last: Jessop Title: Reflections on the Financial Crisis of the Postsocialist State Journal: International Journal of Political Economy Pages: 9-34 Issue: 2 Volume: 23 Year: 1993 Month: 6 X-DOI: 10.1080/08911916.1993.11643859 File-URL: http://hdl.handle.net/10.1080/08911916.1993.11643859 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:23:y:1993:i:2:p:9-34 Template-Type: ReDIF-Article 1.0 Author-Name: Stanislaw Owsiak Author-X-Name-First: Stanislaw Author-X-Name-Last: Owsiak Title: The Financial Crisis of the Postsocialist State Journal: International Journal of Political Economy Pages: 35-73 Issue: 2 Volume: 23 Year: 1993 Month: 6 X-DOI: 10.1080/08911916.1993.11643860 File-URL: http://hdl.handle.net/10.1080/08911916.1993.11643860 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:23:y:1993:i:2:p:35-73 Template-Type: ReDIF-Article 1.0 Author-Name: Jerzy Hausner Author-X-Name-First: Jerzy Author-X-Name-Last: Hausner Title: The Financial Crisis of the Postsocialist State Journal: International Journal of Political Economy Pages: 75-119 Issue: 2 Volume: 23 Year: 1993 Month: 6 X-DOI: 10.1080/08911916.1993.11643861 File-URL: http://hdl.handle.net/10.1080/08911916.1993.11643861 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:23:y:1993:i:2:p:75-119 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Preface Journal: International Journal of Political Economy Pages: 3-4 Issue: 1 Volume: 26 Year: 1996 Month: 3 X-DOI: 10.1080/08911916.1996.11643916 File-URL: http://hdl.handle.net/10.1080/08911916.1996.11643916 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:26:y:1996:i:1:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Reasons and Actions Journal: International Journal of Political Economy Pages: 5-30 Issue: 1 Volume: 26 Year: 1996 Month: 3 X-DOI: 10.1080/08911916.1996.11643917 File-URL: http://hdl.handle.net/10.1080/08911916.1996.11643917 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:26:y:1996:i:1:p:5-30 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Efficiency and Its Conditions Journal: International Journal of Political Economy Pages: 31-59 Issue: 1 Volume: 26 Year: 1996 Month: 3 X-DOI: 10.1080/08911916.1996.11643918 File-URL: http://hdl.handle.net/10.1080/08911916.1996.11643918 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:26:y:1996:i:1:p:31-59 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Justice: Means and Needs Journal: International Journal of Political Economy Pages: 60-90 Issue: 1 Volume: 26 Year: 1996 Month: 3 X-DOI: 10.1080/08911916.1996.11643919 File-URL: http://hdl.handle.net/10.1080/08911916.1996.11643919 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:26:y:1996:i:1:p:60-90 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: References Journal: International Journal of Political Economy Pages: 91-94 Issue: 1 Volume: 26 Year: 1996 Month: 3 X-DOI: 10.1080/08911916.1996.11643920 File-URL: http://hdl.handle.net/10.1080/08911916.1996.11643920 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:26:y:1996:i:1:p:91-94 Template-Type: ReDIF-Article 1.0 Author-Name: G. Carchedi Author-X-Name-First: G. Author-X-Name-Last: Carchedi Title: Understanding the Transformation Process on the Relation between Values and Prices in Marxian Theory Journal: International Journal of Political Economy Pages: 3-7 Issue: 4 Volume: 21 Year: 1991 Month: 12 X-DOI: 10.1080/08911916.1991.11643824 File-URL: http://hdl.handle.net/10.1080/08911916.1991.11643824 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:21:y:1991:i:4:p:3-7 Template-Type: ReDIF-Article 1.0 Author-Name: Paul Mattick Author-X-Name-First: Paul Author-X-Name-Last: Mattick Title: Some Aspects of the Value–Price Problem Journal: International Journal of Political Economy Pages: 9-66 Issue: 4 Volume: 21 Year: 1991 Month: 12 X-DOI: 10.1080/08911916.1991.11643825 File-URL: http://hdl.handle.net/10.1080/08911916.1991.11643825 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:21:y:1991:i:4:p:9-66 Template-Type: ReDIF-Article 1.0 Author-Name: Paolo Giussani Author-X-Name-First: Paolo Author-X-Name-Last: Giussani Title: The Determination of Prices of Production Journal: International Journal of Political Economy Pages: 67-86 Issue: 4 Volume: 21 Year: 1991 Month: 12 X-DOI: 10.1080/08911916.1991.11643826 File-URL: http://hdl.handle.net/10.1080/08911916.1991.11643826 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:21:y:1991:i:4:p:67-86 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Author Index to , Volume 21 (Spring 1991–Winter 1991–92) Journal: International Journal of Political Economy Pages: 87-88 Issue: 4 Volume: 21 Year: 1991 Month: 12 X-DOI: 10.1080/08911916.1991.11643827 File-URL: http://hdl.handle.net/10.1080/08911916.1991.11643827 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:21:y:1991:i:4:p:87-88 Template-Type: ReDIF-Article 1.0 Author-Name: Orsola Costantini Author-X-Name-First: Orsola Author-X-Name-Last: Costantini Title: Cryptocurrencies: Will Machines Replace Your Banker? Journal: International Journal of Political Economy Pages: 101-104 Issue: 2 Volume: 48 Year: 2019 Month: 4 X-DOI: 10.1080/08911916.2019.1624316 File-URL: http://hdl.handle.net/10.1080/08911916.2019.1624316 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:48:y:2019:i:2:p:101-104 Template-Type: ReDIF-Article 1.0 Author-Name: Luca Fantacci Author-X-Name-First: Luca Author-X-Name-Last: Fantacci Title: Cryptocurrencies and the Denationalization of Money Abstract: The theoretical foundations of bitcoin have been frequently traced back to the Austrian school of economics. To the extent that cryptocurrencies are not issued by a centralized authority and do not rely on an official legal tender status for their acceptance, they may indeed appear as a dramatic departure from the historical trend that has led, over the past few centuries, to the making of national money and as a decisive step toward the “denationalization of money†advocated by F. A. von Hayek. This article investigates to what extent bitcoin truly embodies the principles of stable money prescribed by Hayek and whether the proliferation of cryptocurrencies constitutes a Hayekian monetary competition. Journal: International Journal of Political Economy Pages: 105-126 Issue: 2 Volume: 48 Year: 2019 Month: 4 X-DOI: 10.1080/08911916.2019.1624319 File-URL: http://hdl.handle.net/10.1080/08911916.2019.1624319 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:48:y:2019:i:2:p:105-126 Template-Type: ReDIF-Article 1.0 Author-Name: Léo Malherbe Author-X-Name-First: Léo Author-X-Name-Last: Malherbe Author-Name: Matthieu Montalban Author-X-Name-First: Matthieu Author-X-Name-Last: Montalban Author-Name: Nicolas Bédu Author-X-Name-First: Nicolas Author-X-Name-Last: Bédu Author-Name: Caroline Granier Author-X-Name-First: Caroline Author-X-Name-Last: Granier Title: Cryptocurrencies and Blockchain: Opportunities and Limits of a New Monetary Regime Abstract: Cryptocurrency innovations such as Bitcoin raise the question of the possible transformation of the monetary regime and how it would operate. The blockchain technology underlying Bitcoin is said to be “trustless†because it has been designed to avoid a “trusted third party.†Drawing on the institutionalist approach of Aglietta and Orléan emphasizing the importance of trust in money and the monetary system, we show that Bitcoin is characterized by: (1) methodical trust through the existence of an objective proof of payment; (2) hierarchical trust due to the concentration in the mining process; and (3) ethical trust organized around the rejection of banks and the state, although the early ethical commitment is unstable. In other words, trust is now materialized in a form of technical institution, the blockchain. However, Bitcoin cannot be used as everyday money as it would bring about a deflationist and dysfunctional monetary regime, as well as high transaction costs. Some other cryptocurrencies could lead to interesting transformations of the monetary regime if they were to provide new forms of sovereignty, avoid a design based on a fixed monetary supply, or if central banks decided to back them. Journal: International Journal of Political Economy Pages: 127-152 Issue: 2 Volume: 48 Year: 2019 Month: 4 X-DOI: 10.1080/08911916.2019.1624320 File-URL: http://hdl.handle.net/10.1080/08911916.2019.1624320 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:48:y:2019:i:2:p:127-152 Template-Type: ReDIF-Article 1.0 Author-Name: Sheila Dow Author-X-Name-First: Sheila Author-X-Name-Last: Dow Title: Monetary Reform, Central Banks, and Digital Currencies Abstract: The modern debate about monetary reform has taken on a new twist with the development of private digital currencies employing distributed ledger payments technology. In order to consider the appropriate state response, we go back to first principles of money and finance and the case for financial regulation: to ensure provision of a safe money asset and a stable supply of credit within an inherently unstable financial system. We consider calls to privatize money or to restrict money issue to the state against the background of the increasing marketization of the financial sector and money itself. Following an analysis of private digital currencies, we then consider proposals for state issue of digital currency. It is concluded that the focus of attention should instead be on updating of regulation, not only to encompass digital currencies but also to address other innovations in the financial sector that generate credit and liquidity, in order to meet the needs of the real economy. Journal: International Journal of Political Economy Pages: 153-173 Issue: 2 Volume: 48 Year: 2019 Month: 4 X-DOI: 10.1080/08911916.2019.1624317 File-URL: http://hdl.handle.net/10.1080/08911916.2019.1624317 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:48:y:2019:i:2:p:153-173 Template-Type: ReDIF-Article 1.0 Author-Name: Marco Fama Author-X-Name-First: Marco Author-X-Name-Last: Fama Author-Name: Andrea Fumagalli Author-X-Name-First: Andrea Author-X-Name-Last: Fumagalli Author-Name: Stefano Lucarelli Author-X-Name-First: Stefano Author-X-Name-Last: Lucarelli Title: Cryptocurrencies, Monetary Policy, and New Forms of Monetary Sovereignty Abstract: The article aims to bring to light the limits and contradictions of cryptocurrencies, as well as to investigate possible alternative uses of them. Particularly focusing on Bitcoin, understood as a benchmark for the entire sector, the authors seek to answer the following questions: Should Bitcoin be considered a currency, an investment vehicle, or a speculative asset? On which factors does Bitcoin volatility depend? Do Central Banks effectively have no power to influence/stabilize Bitcoin volatility? Following the empirical strategy proposed by Baek and Elbeck, the article shows that Bitcoin returns merely depend on financial conventions and that the cryptocurrency is acting as a highly speculative asset. Sociotechnical innovations introduced by Bitcoin, the authors argue, have concretely opened the possibility of deeply rethinking money. However, several factors are currently negatively affecting the possibility of the cryptocurrency to function as an effective means of payment. Whether this experience can pave the way for the birth of new and more democratic monetary instruments, as the article discusses, is an issue that calls into question a whole combination of political, technical and social elements. Journal: International Journal of Political Economy Pages: 174-194 Issue: 2 Volume: 48 Year: 2019 Month: 4 X-DOI: 10.1080/08911916.2019.1624318 File-URL: http://hdl.handle.net/10.1080/08911916.2019.1624318 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:48:y:2019:i:2:p:174-194 Template-Type: ReDIF-Article 1.0 Author-Name: James K. Galbraith Author-X-Name-First: James K. Author-X-Name-Last: Galbraith Title: A Comment on Servaas Storm’s “The New Normal†Abstract: Accepting Professor Storm’s demolition of total factor productivity growth and production function-based reasoning, this article argues that to understand the great financial crisis and its aftermath requires an evolutionary perspective that goes beyond hysteresis and secular stagnation, that escapes the reification of potential output, and that recognizes how structural forces and not merely deficient demand have affected actual economic growth. It also requires a commonsense understanding of actual American social conditions—no, the middle class has not vanished—and an appreciation that raising living standards under present conditions requires social balance—a new emphasis on collective economic security and public consumption goods. Journal: International Journal of Political Economy Pages: 211-216 Issue: 4 Volume: 46 Year: 2017 Month: 10 X-DOI: 10.1080/08911916.2017.1407734 File-URL: http://hdl.handle.net/10.1080/08911916.2017.1407734 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:46:y:2017:i:4:p:211-216 Template-Type: ReDIF-Article 1.0 Author-Name: Eckhard Hein Author-X-Name-First: Eckhard Author-X-Name-Last: Hein Author-Name: Petra Dünhaupt Author-X-Name-First: Petra Author-X-Name-Last: Dünhaupt Author-Name: Marta Kulesza Author-X-Name-First: Marta Author-X-Name-Last: Kulesza Author-Name: Ayoze Alfageme Author-X-Name-First: Ayoze Author-X-Name-Last: Alfageme Title: Financialization and Distribution from a Kaleckian Perspective: The United States, the United Kingdom, and Sweden Compared—Before and after the Crisis Abstract: In this article we analyze the effects of financialization on income distribution, before and after the Great Financial Crisis and the Great Recession, for the two liberal Anglo-Saxon economies, the United States and the United Kingdom, and for a typical Nordic welfare state economy, Sweden. We apply a Kaleckian perspective in which the focus will be on functional income distribution and thus on the relationship between financialization and the wage share or the gross profit share. According to this approach, financialization may affect aggregate wage or gross profit shares of the economy as a whole through three channels: first, the sectoral composition of the economy; second, the financial overhead costs and profit claims of the rentiers; and third, the bargaining power of workers and trade unions. We examine empirical indicators for each of these channels, both before and after the crisis. We find that the types of countries investigated here have shown broad similarities regarding redistribution before the crisis, however, with major differences in the underlying determinants. These differences have carried through to the period after the crisis and have led to different results regarding the development of distribution since then. Journal: International Journal of Political Economy Pages: 233-266 Issue: 4 Volume: 46 Year: 2017 Month: 10 X-DOI: 10.1080/08911916.2017.1407735 File-URL: http://hdl.handle.net/10.1080/08911916.2017.1407735 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:46:y:2017:i:4:p:233-266 Template-Type: ReDIF-Article 1.0 Author-Name: William Lazonick Author-X-Name-First: William Author-X-Name-Last: Lazonick Title: The New Normal is “Maximizing Shareholder Valueâ€: Predatory Value Extraction, Slowing Productivity, and the Vanishing American Middle Class Abstract: In the United States, concentration of income and wealth among the very richest households have become extreme, while middle-class employment opportunities have disappeared. Building since the late 1970s, the instability and inequity in the economic system is now undermining productivity growth. The important contribution of Servaas Storm, “The New Normal: Demand, Secular Stagnation, and the Vanishing Middle Class,†demonstrates the integral relation between the sources of slowing productivity growth and the downward mobility into low-productivity service jobs that characterizes the vanishing U.S. middle class. In this comment, I focus on the “financialization†of the U.S. business corporation, a phenomenon that is consistent with Storm’s general argument. From this perspective, I ask whether Storm’s contention that demand-side factors are stifling productivity growth and causing the middle class to disappear cannot better be viewed as a supply-side problem of corporate resource allocation. My perspective integrates Storm’s important findings on intersectoral differences in productivity growth with an analysis of how, since the 1980s, the financialization of the business corporation has destroyed middle-class career employment, pushing an increasing proportion of the U.S. labor force into low-productivity and low-paid service jobs. In the spirit of Storm’s analysis of the vanishing middle class and the failure of neoclassical economists to deal with this critical question, I call for a focus on the governance of the innovative business enterprise, with a view to reducing, and ideally eliminating, the power of “predatory value extractors†to enrich themselves while leaving most Americans worse off. Journal: International Journal of Political Economy Pages: 217-226 Issue: 4 Volume: 46 Year: 2017 Month: 10 X-DOI: 10.1080/08911916.2017.1407736 File-URL: http://hdl.handle.net/10.1080/08911916.2017.1407736 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:46:y:2017:i:4:p:217-226 Template-Type: ReDIF-Article 1.0 Author-Name: Leonardo Pataccini Author-X-Name-First: Leonardo Author-X-Name-Last: Pataccini Title: From “Communautaire Spirit†to the “Ghosts of Maastrichtâ€: European Integration and the Rise of Financialization Abstract: The present article addresses the relationship between the process of economic integration of the European Union and the rise of financialization in the continental economy. For that purpose, it analyzes the policies applied and the main macroeconomic indicators of a selected group of countries. The conditions imposed by the Treaty of Maastricht and the Convergence Criteria show a strong neoliberal mark, in alignment with those of the Washington Consensus Agenda, promoting the development of the financial activities and favoring the interest of the financial actors to the detriment of other sectors, such as the industrial and the salaried and middle-income groups. The article also emphasizes the importance of the structural reforms applied, by arguing that it would have been impossible to meet the objectives of the Economic and Monetary Union without a substantial transformation of the European economy. Additionally, the article introduces a novel concept called “the paradox of financialization.†It refers to the increasing dependence of EU economies on the financial sector for economic growth, while the only way for the financial sector to expand is by engaging in riskier and more speculative practices. Consequently, this situation makes economic growth more unstable and cycles more volatile. Journal: International Journal of Political Economy Pages: 267-293 Issue: 4 Volume: 46 Year: 2017 Month: 10 X-DOI: 10.1080/08911916.2017.1407737 File-URL: http://hdl.handle.net/10.1080/08911916.2017.1407737 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:46:y:2017:i:4:p:267-293 Template-Type: ReDIF-Article 1.0 Author-Name: Servaas Storm Author-X-Name-First: Servaas Author-X-Name-Last: Storm Title: The New Normal: Demand, Secular Stagnation, and the Vanishing Middle Class Abstract: The U.S. economy is widely diagnosed with two “diseasesâ€: a secular stagnation of potential U.S. growth and rising income and job polarization. The two diseases have a common root in the demand shortfall, originating from the “unbalanced†growth between technologically “dynamic†and “stagnant†sectors. To understand how the short-run demand shortfall carries over into the long run, this article first deconstructs the notion of total-factor-productivity (TFP) growth, the main constituent of potential output growth and “the best available measure of the underlying pace of exogenous innovation and technological change.†The article argues that there is no such thing as a Solow residual and demonstrates that TFP growth can only be meaningfully interpreted in terms of labor productivity growth. Because labor productivity growth, in turn, is influenced by demand factors, the causes of secular stagnation must lie in inadequate demand. Inadequate demand, in turn, is the result of a growing segmentation of the U.S. economy into a “dynamic†sector that is shedding jobs and a “stagnant†and “survivalist†sector that acts as an “employer of last resort.†The argument is illustrated with long-run growth-accounting data for the U.S. economy (1948–2015). The mechanics of dualistic growth are highlighted using a Baumol-inspired model of unbalanced growth. Using this model, it is shown that the “output gap,†the anchor of monetary policy, is itself a moving target. As long as this endogeneity of the policy target is not understood, monetary policy makers will continue to contribute to unbalanced growth and premature stagnation. Journal: International Journal of Political Economy Pages: 169-210 Issue: 4 Volume: 46 Year: 2017 Month: 10 X-DOI: 10.1080/08911916.2017.1407742 File-URL: http://hdl.handle.net/10.1080/08911916.2017.1407742 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:46:y:2017:i:4:p:169-210 Template-Type: ReDIF-Article 1.0 Author-Name: Mario Seccareccia Author-X-Name-First: Mario Author-X-Name-Last: Seccareccia Title: Editor’s Note Journal: International Journal of Political Economy Pages: 167-168 Issue: 4 Volume: 46 Year: 2017 Month: 10 X-DOI: 10.1080/08911916.2017.1411424 File-URL: http://hdl.handle.net/10.1080/08911916.2017.1411424 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:46:y:2017:i:4:p:167-168 Template-Type: ReDIF-Article 1.0 Author-Name: Servaas Storm Author-X-Name-First: Servaas Author-X-Name-Last: Storm Title: The New Normal: Demand, Secular Stagnation, and the Vanishing Middle Class: A Reply to James K. Galbraith and William Lazonick Abstract: This is a rejoinder to the challenging comments by Professors James K. Galbraith and William Lazonick on my article “The New Normal: Demand, Secular Stagnation, and the Vanishing Middle Class.†Professor Galbraith favors an evolutionary approach to the issue instead of my approach but admittedly not on very convincing grounds. His characterization of actual conditions in the U.S. economy (including his view of what drove voters to Trump) appears to focus more on the current state than on underlying structural trends (which are all more negative than he seems to think). Professor Lazonick usefully extends my macroeconomic analysis by his microeconomic emphasis on the impacts of the change to predatory value extraction under a “downsize-and-distribute†corporate governance regime, legitimated in the name of shareholder-value maximization. However, even when we extend the analysis to include micro-level financialization, it is still insufficient aggregate demand that is underlying the twin diseases—secular stagnation and a growing dualization—afflicting the U.S. economy at the macro level. Journal: International Journal of Political Economy Pages: 227-232 Issue: 4 Volume: 46 Year: 2017 Month: 10 X-DOI: 10.1080/08911916.2017.1411425 File-URL: http://hdl.handle.net/10.1080/08911916.2017.1411425 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:46:y:2017:i:4:p:227-232 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Editorial Board EOV Journal: International Journal of Political Economy Pages: ebi-ebi Issue: 4 Volume: 46 Year: 2017 Month: 10 X-DOI: 10.1080/08911916.2017.1419699 File-URL: http://hdl.handle.net/10.1080/08911916.2017.1419699 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:46:y:2017:i:4:p:ebi-ebi Template-Type: ReDIF-Article 1.0 Author-Name: Brigitte Aulenbacher Author-X-Name-First: Brigitte Author-X-Name-Last: Aulenbacher Author-Name: Tilla Siegel Author-X-Name-First: Tilla Author-X-Name-Last: Siegel Title: Introduction Journal: International Journal of Political Economy Pages: 3-8 Issue: 4 Volume: 25 Year: 1995 Month: 12 X-DOI: 10.1080/08911916.1995.11643909 File-URL: http://hdl.handle.net/10.1080/08911916.1995.11643909 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:25:y:1995:i:4:p:3-8 Template-Type: ReDIF-Article 1.0 Author-Name: Tilla Siegel Author-X-Name-First: Tilla Author-X-Name-Last: Siegel Title: Lean and Flexible into the Future? Journal: International Journal of Political Economy Pages: 9-37 Issue: 4 Volume: 25 Year: 1995 Month: 12 X-DOI: 10.1080/08911916.1995.11643910 File-URL: http://hdl.handle.net/10.1080/08911916.1995.11643910 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:25:y:1995:i:4:p:9-37 Template-Type: ReDIF-Article 1.0 Author-Name: Isabel Rothe Author-X-Name-First: Isabel Author-X-Name-Last: Rothe Title: Rationalization and Workplace Interest Politics Journal: International Journal of Political Economy Pages: 38-64 Issue: 4 Volume: 25 Year: 1995 Month: 12 X-DOI: 10.1080/08911916.1995.11643911 File-URL: http://hdl.handle.net/10.1080/08911916.1995.11643911 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:25:y:1995:i:4:p:38-64 Template-Type: ReDIF-Article 1.0 Author-Name: Monika Goldmann Author-X-Name-First: Monika Author-X-Name-Last: Goldmann Title: Industrial Rationalization as Gender Politics Journal: International Journal of Political Economy Pages: 65-90 Issue: 4 Volume: 25 Year: 1995 Month: 12 X-DOI: 10.1080/08911916.1995.11643912 File-URL: http://hdl.handle.net/10.1080/08911916.1995.11643912 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:25:y:1995:i:4:p:65-90 Template-Type: ReDIF-Article 1.0 Author-Name: Rudi Schmidt Author-X-Name-First: Rudi Author-X-Name-Last: Schmidt Title: Rationalization and Social Differentiation at East German Industrial Workplaces Journal: International Journal of Political Economy Pages: 91-107 Issue: 4 Volume: 25 Year: 1995 Month: 12 X-DOI: 10.1080/08911916.1995.11643913 File-URL: http://hdl.handle.net/10.1080/08911916.1995.11643913 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:25:y:1995:i:4:p:91-107 Template-Type: ReDIF-Article 1.0 Author-Name: Brigitte Aulenbacher Author-X-Name-First: Brigitte Author-X-Name-Last: Aulenbacher Title: Selection in the Rationalization Process Journal: International Journal of Political Economy Pages: 108-122 Issue: 4 Volume: 25 Year: 1995 Month: 12 X-DOI: 10.1080/08911916.1995.11643914 File-URL: http://hdl.handle.net/10.1080/08911916.1995.11643914 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:25:y:1995:i:4:p:108-122 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Author Index to , Volume 25 (Spring 1995–Winter 1995–96) Journal: International Journal of Political Economy Pages: 123-124 Issue: 4 Volume: 25 Year: 1995 Month: 12 X-DOI: 10.1080/08911916.1995.11643915 File-URL: http://hdl.handle.net/10.1080/08911916.1995.11643915 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:25:y:1995:i:4:p:123-124 Template-Type: ReDIF-Article 1.0 Author-Name: Eugenia Correa Author-X-Name-First: Eugenia Author-X-Name-Last: Correa Title: Budgetary Impact of Social Security Privatization: Women Doubly Unprotected Abstract: In several developing economies during the 1990s there was a fundamental financial reform of pension systems. This article analyzes the main results of these reforms through a gender approach. Seen as a social reform, pension reforms have maintained a growing uninsured population, with women experiencing relatively greater workplace precariousness and, at the same time, longer lives. The article also centers on fiscal implications, and particularly the transition from a pure public pay-as-you-go pension system that was self-funded and sustainable, to a system in which contributions went to private pension funds, creating a funding gap, which is being filled by the public budget in several current pension schemes. As a financial reform, it has also had several interesting results. Although the private system did not increase coverage and the projected flows, it did produce a constant flow of mandatory and accumulated savings that provide liquidity to domestic financial markets and even external markets. However, this liquidity has not been a factor in increasing the flows of credit to the nonfinancial domestic private sector. Under the conditions of austerity policies, budget cuts in other components of social spending, such as education and especially health care, leave women doubly unprotected. Journal: International Journal of Political Economy Pages: 260-276 Issue: 4 Volume: 44 Year: 2015 Month: 10 X-DOI: 10.1080/08911916.2015.1129839 File-URL: http://hdl.handle.net/10.1080/08911916.2015.1129839 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:44:y:2015:i:4:p:260-276 Template-Type: ReDIF-Article 1.0 Author-Name: Shakuntala Das Author-X-Name-First: Shakuntala Author-X-Name-Last: Das Title: Growing Informality, Gender Equality and the Role of Fiscal Policy in the Face of the Current Economic Crisis: Evidence from the Indian Economy Abstract: This article analyzes the theoretical and practical problems arising from the effect of the ongoing global crisis on the much neglected informal economy, with specific focus on issues concerning women’s employment and decent work. Recognizing growing informality and its disproportionate impact on women workers, the article discusses the challenges and various coping mechanisms adopted by these vulnerable groups. The current wave of fiscal consolidation and austerity measures pursued in most countries in the form of cutbacks on social sector spending and public expenditures is having devastating consequences on the vast majority of the population. A robust fiscal commitment toward direct job creation programs and increased social protection policies has the ability to enhance resilience. Rejecting the fiscal trajectory and the subsequent austerity measures, the article emphasizes the necessity of a macroeconomic policy framework conducive to the objective of achieving a more equitable outcome in an environment of domestic and global challenges. Journal: International Journal of Political Economy Pages: 277-295 Issue: 4 Volume: 44 Year: 2015 Month: 10 X-DOI: 10.1080/08911916.2015.1129846 File-URL: http://hdl.handle.net/10.1080/08911916.2015.1129846 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:44:y:2015:i:4:p:277-295 Template-Type: ReDIF-Article 1.0 Author-Name: Joëlle Leclaire Author-X-Name-First: Joëlle Author-X-Name-Last: Leclaire Title: Women and Investment: The Role of Fiscal Policy Abstract: From a macroeconomic perspective, investment is the backbone of economic growth. The more investment, particularly in productive activities, the more the economy expands and provides employment that supports future growth. Fiscal policies that support investment to stimulate economic growth need to be gendered in order to improve overall macroeconomic results. Investment by women-owned firms is likely to grow as policies enable women to enter more easily into core industries such as manufacturing, construction, and high tech, create work–life balance infrastructures, and, increase discussion of money and debt among women to limit social barriers. Improving access to bank credit and government finance is key to increasing investment by women-owned firms, and, as a result, it is central to the continued expansion of the macroeconomy. Journal: International Journal of Political Economy Pages: 296-310 Issue: 4 Volume: 44 Year: 2015 Month: 10 X-DOI: 10.1080/08911916.2015.1129847 File-URL: http://hdl.handle.net/10.1080/08911916.2015.1129847 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:44:y:2015:i:4:p:296-310 Template-Type: ReDIF-Article 1.0 Author-Name: Perry Mehrling Author-X-Name-First: Perry Author-X-Name-Last: Mehrling Title: Elasticity and Discipline in the Global Swap Network Abstract: This article sketches the outlines of the new international monetary system that has emerged in the aftermath of the global financial crisis. At the center of the system, a network of central bank swaps between the six major central banks serves as an elastic backstop for private foreign exchange operations. Farther out on the periphery, an added network of central bank swaps operates to economize on scarce reserves of the major currencies. Meanwhile, in the private foreign exchange market, basis swaps are emerging as the central location where liquidity is explicitly priced, inside the bounds set by central bank swaps. Journal: International Journal of Political Economy Pages: 311-324 Issue: 4 Volume: 44 Year: 2015 Month: 10 X-DOI: 10.1080/08911916.2015.1129848 File-URL: http://hdl.handle.net/10.1080/08911916.2015.1129848 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:44:y:2015:i:4:p:311-324 Template-Type: ReDIF-Article 1.0 Author-Name: Lino Sau Author-X-Name-First: Lino Author-X-Name-Last: Sau Title: Do the International Monetary and Financial Systems Need More Than Short-Term Cosmetic Reforms? Abstract: The storm that has rocked our world has opened an interesting debate among economists and policymakers on the need for a new international monetary and financial architecture. In fact, the monetary and financial regime that has been in force since the collapse of Bretton Woods encourages the persistence of unsustainable dynamics that spawn increasingly serious crises, and are unable to impart an acceptable form of macroeconomic discipline to the world’s economy. It became apparent that the global role of a key currency along with the deregulation of financial markets (the neoliberal paradigm) have acted as underlying conditions for the U.S. financial crisis up to the present situation of global financial instability. In this article I point out the inadequacy of the institutional arrangements underlying the international monetary and financial regimes and I outline the relevance to the current debate of Keynes’s original plan, proposed with good reason over seventy years ago, but never came to fruition. Journal: International Journal of Political Economy Pages: 325-340 Issue: 4 Volume: 44 Year: 2015 Month: 10 X-DOI: 10.1080/08911916.2015.1129850 File-URL: http://hdl.handle.net/10.1080/08911916.2015.1129850 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:44:y:2015:i:4:p:325-340 Template-Type: ReDIF-Article 1.0 Author-Name: Mario Seccareccia Author-X-Name-First: Mario Author-X-Name-Last: Seccareccia Title: Editor’s Introduction Journal: International Journal of Political Economy Pages: 249-249 Issue: 4 Volume: 44 Year: 2015 Month: 10 X-DOI: 10.1080/08911916.2015.1134895 File-URL: http://hdl.handle.net/10.1080/08911916.2015.1134895 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:44:y:2015:i:4:p:249-249 Template-Type: ReDIF-Article 1.0 Author-Name: Antonella Picchio Author-X-Name-First: Antonella Author-X-Name-Last: Picchio Title: A Feminist Political-Economy Narrative Against Austerity Abstract: These notes offer a feminist reflection on austerity as an aggressive neoliberal policy based on principles of faith in neoclassical economics and having dramatic social effects on living conditions and a disastrous regressive influence on the distribution of incomes and equality. The focus is on how to use a feminist perspective to introduce a change in the narrative based on women’s experiential knowledge of human vulnerability, caring relationships, and unpaid domestic work. This narrative change requires a political subject capable of shifting power relationships and willing to do so, and also a sound theory that can bring to the surface structural connections and tensions in the economic system, including those inherent in the capitalist production and social reproduction relationship. The transnational political feminism is presented here as a subject of perspective. With regard to theory, we propose combination of the classical macro-founded surplus approach, reappraised by Piero Sraffa, and of the Smithian micro capability approach developed by Amartya Sen. Both approaches explicitly challenge the neoclassical paradigm. The surplus approach does it with regard to functional distribution (set at the institutional and political level), and the capability approach does it with regard to a multidimensional individual, embedded in a social context. Both approaches are extended to include the fact that the responsibility of adapting real lives to profit and financial rent falls increasingly on women’s shoulders, discharged into the household. Journal: International Journal of Political Economy Pages: 250-259 Issue: 4 Volume: 44 Year: 2015 Month: 10 X-DOI: 10.1080/08911916.2015.1134900 File-URL: http://hdl.handle.net/10.1080/08911916.2015.1134900 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:44:y:2015:i:4:p:250-259 Template-Type: ReDIF-Article 1.0 Author-Name: Kees Van Der Pijl Author-X-Name-First: Kees Author-X-Name-Last: Van Der Pijl Title: Introduction Journal: International Journal of Political Economy Pages: 3-6 Issue: 3 Volume: 19 Year: 1989 Month: 9 X-DOI: 10.1080/08911916.1989.11643776 File-URL: http://hdl.handle.net/10.1080/08911916.1989.11643776 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:19:y:1989:i:3:p:3-6 Template-Type: ReDIF-Article 1.0 Author-Name: Kees Van Der Pijl Author-X-Name-First: Kees Author-X-Name-Last: Van Der Pijl Title: Ruling Classes, Hegemony, and the State System Journal: International Journal of Political Economy Pages: 7-35 Issue: 3 Volume: 19 Year: 1989 Month: 9 X-DOI: 10.1080/08911916.1989.11643777 File-URL: http://hdl.handle.net/10.1080/08911916.1989.11643777 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:19:y:1989:i:3:p:7-35 Template-Type: ReDIF-Article 1.0 Author-Name: Henk Overbeek Author-X-Name-First: Henk Author-X-Name-Last: Overbeek Title: British Capitalism at the Crossroads Journal: International Journal of Political Economy Pages: 36-75 Issue: 3 Volume: 19 Year: 1989 Month: 9 X-DOI: 10.1080/08911916.1989.11643778 File-URL: http://hdl.handle.net/10.1080/08911916.1989.11643778 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:19:y:1989:i:3:p:36-75 Template-Type: ReDIF-Article 1.0 Author-Name: Otta Holman Author-X-Name-First: Otta Author-X-Name-Last: Holman Title: In Search of Hegemony Journal: International Journal of Political Economy Pages: 76-101 Issue: 3 Volume: 19 Year: 1989 Month: 9 X-DOI: 10.1080/08911916.1989.11643779 File-URL: http://hdl.handle.net/10.1080/08911916.1989.11643779 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:19:y:1989:i:3:p:76-101 Template-Type: ReDIF-Article 1.0 Author-Name: Massimo Florio Author-X-Name-First: Massimo Author-X-Name-Last: Florio Title: The Real Roots of the Great Recession Abstract: This article suggests that, at the root of the Great Recession are two imbalances: an unsustainable distribution of income in advanced economies and a growing income gap between them and the rest of the world. Several factors have squeezed the share of labor income, particularly of less skilled workers in advanced capitalist economies, and hugely increased the share of capital income (sometimes disguised as pay for the work of top managers). In the United States and elsewhere, the demand for consumer goods did not fall until the recent Great Recession thanks to the growth of private debt. A progressive income redistribution policy is seen as the core structural reform needed to rebalance the system, along with a change in international economic relations. Journal: International Journal of Political Economy Pages: 5-30 Issue: 4 Volume: 40 Year: 2011 X-DOI: 10.2753/IJP0891-1916400401 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916400401 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:40:y:2011:i:4:p:5-30 Template-Type: ReDIF-Article 1.0 Author-Name: Mario Seccareccia Author-X-Name-First: Mario Author-X-Name-Last: Seccareccia Title: The Role of Public Investment as Principal Macroeconomic Tool to Promote Long-Term Growth Abstract: The "new consensus" in macroeconomics downplayed fiscal policy prior to the financial crisis. This view dramatically changed during and immediately following the crisis. However, this view has witnessed a reversal and returned to the pre-crisis policy perspective, especially since 2010. In this article, the modern "financial balances" view of fiscal policy is analyzed. While this modern framework of analysis, which is diametrically opposed to the new consensus framework, is correct in its emphasis on functional finance (which ensues directly from the latter fiscal policy perspective), the article advocates a return to a view of long-term fiscal policy, which Keynes espoused both in The General Theory and thereafter on the "socialization of investment." Journal: International Journal of Political Economy Pages: 62-82 Issue: 4 Volume: 40 Year: 2011 X-DOI: 10.2753/IJP0891-1916400403 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916400403 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:40:y:2011:i:4:p:62-82 Template-Type: ReDIF-Article 1.0 Author-Name: Claude Gnos Author-X-Name-First: Claude Author-X-Name-Last: Gnos Title: Rethinking Monetary Policy with Reference to Monetary Circuit Theory Abstract: Standard monetary policy is grounded in the quantity theory of money, which links changes in the general price level to excess money that would induce excess demand on the goods market. This article shows that this theoretical foundation is misleading and harmful to growth. This is so because price determination is multifaceted. Central banks, especially the European Central Bank, currently tighten credit conditions whereas money is not an issue. In this way, they act not only on demand but also on the supply of goods. The additional reference made to rational expectations is an aggravating factor. Is there another way to conduct monetary policy? In this article it is argued that circuit theory, which endorses Keynes's dismissal of the quantity theory of money and his proposal to instead consider money flows in relation to the formation and spending of incomes, provides a substitute for standard monetary policy. Inflation and deflation could be avoided through a new structural arrangement of banks' monetary and financial operations. Journal: International Journal of Political Economy Pages: 98-105 Issue: 4 Volume: 40 Year: 2011 X-DOI: 10.2753/IJP0891-1916400405 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916400405 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:40:y:2011:i:4:p:98-105 Template-Type: ReDIF-Article 1.0 Author-Name: Mario Seccareccia Author-X-Name-First: Mario Author-X-Name-Last: Seccareccia Title: Perspectives on the Great Recession and Policy Alternatives to Combat Stagnation in the Industrialized World Abstract: Journal: International Journal of Political Economy Pages: 3-4 Issue: 4 Volume: 40 Year: 2011 X-DOI: 10.2753/IJP0891-1916400400 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916400400 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:40:y:2011:i:4:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Massimo Cingolani Author-X-Name-First: Massimo Author-X-Name-Last: Cingolani Title: Interest, Growth, and Income Distribution Abstract: Before the 2008 crisis, national fiscal policies were used passively within the European Union to reduce budget deficits and public debt, and the common monetary policy was used actively to control inflation via the interest rates. This policy mix represented the only form of macroeconomic policy coordination between EU member states. It was presumably conceived as a temporary arrangement in a transitional phase where a number of sovereigns were becoming subsovereigns. The crisis revealed the unsustainable character of this temporary solution in the absence of a new federal sovereign, a fact that was clear to many observers already before the creation of the euro. The crisis should raise awareness that the time has now come for a substantial reorientation of EU macroeconomic policy. The suggestion made here is that two complementary objectives should be assigned to EU macroeconomic policy coordination. First, fiscal policy should be coordinated around full employment deficits in a functional finance logic and in such a way as to exploit the working of Harrod's foreign trade multiplier so as to reach full employment at the EU level. Fiscal stabilization at the national level should be compensated by a budgetary impulse coming from a deficit created at the federal level or by an equivalent result achieved by the use of national fiscal policy instruments. Second, the rate of income growth should at the same time be targeted to exceed the rate of interest on government debt, the latter being sufficiently under the control of monetary policy. As it is well known, public debt sustainability problems disappear automatically in this case. Other targets established following the same logic could usefully complement these two objectives, such as the coordination of wage policies across the EU. Journal: International Journal of Political Economy Pages: 31-61 Issue: 4 Volume: 40 Year: 2011 X-DOI: 10.2753/IJP0891-1916400402 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916400402 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:40:y:2011:i:4:p:31-61 Template-Type: ReDIF-Article 1.0 Author-Name: Antoine Brunet Author-X-Name-First: Antoine Author-X-Name-Last: Brunet Author-Name: Jean-Paul Guichard Author-X-Name-First: Jean-Paul Author-X-Name-Last: Guichard Title: Mercantilist Roots of the Crisis Abstract: For several centuries, international relations have been structured by mercantilist practices. These aim at generating an external trade surplus to accelerate the pace of domestic accumulation. The countries that are subjected to these practices have a foreign trade deficit, which tends to handicap their growth. In the long run, countries with an external deficit must inevitably increase their foreign indebtedness, which can be hazardous to them. In a world where some countries have chosen strong mercantilist policies, deficit countries whose currency is not an international reserve one give the wrong answers to their crises if they choose to increase their foreign indebtedness beyond the level necessary to finance productive investments: their flight into indebtedness can only lead them into discrediting their currency and condemning them to vassalage. To avoid that, they must restore their foreign trade balance. Journal: International Journal of Political Economy Pages: 83-97 Issue: 4 Volume: 40 Year: 2011 X-DOI: 10.2753/IJP0891-1916400404 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916400404 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:40:y:2011:i:4:p:83-97 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Author Index to Abstract: Journal: International Journal of Political Economy Pages: 106-107 Issue: 4 Volume: 40 Year: 2011 X-DOI: 10.1080/08911916.2011.11043065 File-URL: http://hdl.handle.net/10.1080/08911916.2011.11043065 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:40:y:2011:i:4:p:106-107 Template-Type: ReDIF-Article 1.0 Author-Name: Alberto Couriel Author-X-Name-First: Alberto Author-X-Name-Last: Couriel Author-Name: Eugenia Correa Author-X-Name-First: Eugenia Author-X-Name-Last: Correa Title: External Constraints on Development in Latin America: Theory and Practice Abstract: In this article, we examine several of the more important aspects of the external constraint, both in terms of history of thought and in economic reality. As we argue, the various branches of Latin American structuralism share several key elements, perhaps the most important being the center-periphery relationship. Part of this relationship is the external constraint, which has been interpreted differently by diverse authors. We also briefly offer our own interpretation of the phenomenon and how it has manifested itself in recent Latin American history. Journal: International Journal of Political Economy Pages: 83-91 Issue: 1 Volume: 47 Year: 2018 Month: 1 X-DOI: 10.1080/08911916.2018.1449603 File-URL: http://hdl.handle.net/10.1080/08911916.2018.1449603 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:47:y:2018:i:1:p:83-91 Template-Type: ReDIF-Article 1.0 Author-Name: José Déniz Author-X-Name-First: José Author-X-Name-Last: Déniz Author-Name: Wesley C. Marshall Author-X-Name-First: Wesley C. Author-X-Name-Last: Marshall Title: Latin American Structuralism and Current Financialization Abstract: In this article, we attempt to update the understanding of the external constraint in Latin America by examining the recent history of the region through the analytical framework of Karl Polanyi in The Great Transformation. As we argue, the greatest force behind today’s external restriction is the financial sector, much as it was a century ago. To reinforce this hypothesis, we provide the reader with relatively new historical material and with arguments made by scholars from diverse backgrounds. Taking into consideration the political and economic structures of Latin America, we argue that the international connections between the elite of the center and the periphery remain the key aspect in understanding today’s complex reality. Journal: International Journal of Political Economy Pages: 48-68 Issue: 1 Volume: 47 Year: 2018 Month: 1 X-DOI: 10.1080/08911916.2018.1449604 File-URL: http://hdl.handle.net/10.1080/08911916.2018.1449604 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:47:y:2018:i:1:p:48-68 Template-Type: ReDIF-Article 1.0 Author-Name: Wesley C. Marshall Author-X-Name-First: Wesley C. Author-X-Name-Last: Marshall Title: Guest Editor’s Introduction Journal: International Journal of Political Economy Pages: 1-2 Issue: 1 Volume: 47 Year: 2018 Month: 1 X-DOI: 10.1080/08911916.2018.1449605 File-URL: http://hdl.handle.net/10.1080/08911916.2018.1449605 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:47:y:2018:i:1:p:1-2 Template-Type: ReDIF-Article 1.0 Author-Name: Marcos Costa Lima Author-X-Name-First: Marcos Costa Author-X-Name-Last: Lima Author-Name: Gustavo de Andrade Rocha Author-X-Name-First: Gustavo de Andrade Author-X-Name-Last: Rocha Title: The Dismantling of Brazilian Democracy: International Capital and Rentier Elites Abstract: At the beginning of the 21st century Brazil initiated a set of public policies to eradicate extreme poverty and reduce economic and social inequality in the country. At the same time, it embarked upon a foreign policy focused on south-south cooperation and a multilateral approach to extend the government’s vision to the international scene. This article aims to analyze Brazil’s political-economic path in the beginning of the 21st century and its participation on the international scene as an emergent state and multilateral articulator. Journal: International Journal of Political Economy Pages: 31-47 Issue: 1 Volume: 47 Year: 2018 Month: 1 X-DOI: 10.1080/08911916.2018.1449606 File-URL: http://hdl.handle.net/10.1080/08911916.2018.1449606 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:47:y:2018:i:1:p:31-47 Template-Type: ReDIF-Article 1.0 Author-Name: Alejandro Vanoli Author-X-Name-First: Alejandro Author-X-Name-Last: Vanoli Title: Managing Monetary Policy and Financial Supervision in Argentina: Historical Analysis and Present Neoliberal Challenges—A Personal Account Abstract: This article traces the context in which this author served Argentina as both the chairman of the Central Bank of Argentina and former chairman of Securities and Exchange Commission of Argentina. As described, the efforts necessary for a country such as Argentina to achieve and maintain financial sovereignty are almost as great as the forces opposing such a possibility. While focusing on the specific case of Argentina and pertaining to a specific time in its history, this article offers insights that hopefully can lead to a better understanding of the global forces that condition the management of national economies in the contemporary world. Journal: International Journal of Political Economy Pages: 3-30 Issue: 1 Volume: 47 Year: 2018 Month: 1 X-DOI: 10.1080/08911916.2018.1449607 File-URL: http://hdl.handle.net/10.1080/08911916.2018.1449607 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:47:y:2018:i:1:p:3-30 Template-Type: ReDIF-Article 1.0 Author-Name: Gregorio Vidal Author-X-Name-First: Gregorio Author-X-Name-Last: Vidal Title: Latin America: Limits to Alternative Economic Policies Abstract: From 2003 to 2008, Latin America had a remarkable period of growth with few precedents in its economic history. This corresponds to the strengthening of economic policy options far from those advocated by the International Monetary Fund, World Bank, or the Washington Consensus agenda. With the exception of Venezuela, the international financial crisis and the great recession did not significantly affect economic growth. In the following years and until the end of 2011 and the beginning of 2012, GDP continued growing. From this moment forward, there was a change in economic growth tendencies and in some countries even strong recessions. The literature has argued that the change was the result of a rapid and significant drop in the international prices of raw materials, all relevant component of these countries’ exports. This article argues that there are other macroeconomic data that also explain the change in the dynamics in the some LA economies. Structural reforms and economic policies implemented since the 1980s through the early years of the last decade had effects that transformed economies and economic power relations. The changes carried out by governments, which were promoting an alternative economic policy in the region, were not able to advance sufficiently in the creation of new institutions. At the same time, they could not modify economic power relations to the point of creating significant increases in the rate of investment and the expansion of internal productive chains within the industrial base to give continuity to the process of economic development. Journal: International Journal of Political Economy Pages: 69-82 Issue: 1 Volume: 47 Year: 2018 Month: 1 X-DOI: 10.1080/08911916.2018.1449608 File-URL: http://hdl.handle.net/10.1080/08911916.2018.1449608 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:47:y:2018:i:1:p:69-82 Template-Type: ReDIF-Article 1.0 Author-Name: Angel Asensio Author-X-Name-First: Angel Author-X-Name-Last: Asensio Title: Coping with the European Public Debt Problem Abstract: The paper examines the main instruments involved in Europe's "new" strategy in 2012. It explains why none are suited to the current challenges in terms of growth recovery and public debt control. The reason is basically that all the instruments focus on factor cost reductions (capital and labor), that is, on the supply side of the economy, while, the evidence clearly suggests that the main issue is on the demand side. Hence, drawing on a few basic equations, the paper discusses the conditions under which a fiscal stimulus might eventually reduce the public deficit and help control the debt by means of induced growth and fiscal revenues. This is not to say that a balanced budget per se is a desirable objective, for it is acknowledged that a public deficit may be desirable in the long run to foster economic growth. The purpose here is to show that, in the context of the European sovereign debt problem, a fiscal stimulus could eventually reduce the deficit and the debt ratio while stimulating economic growth. The formal condition proves to be reachable for the range of the key parameters observed in most member countries of the Organization for Economic Cooperation and Development. The paper also discusses the problems that could make the condition more difficult to deal with in the European context and how they could be solved. Journal: International Journal of Political Economy Pages: 42-62 Issue: 2 Volume: 42 Year: 2013 X-DOI: 10.2753/IJP0891-1916420202 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916420202 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:42:y:2013:i:2:p:42-62 Template-Type: ReDIF-Article 1.0 Author-Name: H. Atesoglu Author-X-Name-First: H. Author-X-Name-Last: Atesoglu Title: Economic Growth and Military Spending in China Abstract: The relationship between economic growth and military spending in China is examined. An empirical model of China's military spending is introduced that is consistent with economic and international political science theories. The findings reveal a positive relationship between military spending and economic growth. The results are suggestive of the view that China is on the way to becoming the dominant regional power in Asia. Results further indicate that while China's military spending is affected by the military spending of India and Russia, it is not affected by that of Japan or the United States. Long-term forecasts made employing the empirical military spending model for China introduced in this paper, conditional on the assumptions made about the future values of the explanatory variables and the empirical model employed indicate that China is likely to be the dominant regional power in Asia. Journal: International Journal of Political Economy Pages: 88-100 Issue: 2 Volume: 42 Year: 2013 X-DOI: 10.2753/IJP0891-1916420204 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916420204 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:42:y:2013:i:2:p:88-100 Template-Type: ReDIF-Article 1.0 Author-Name: Thomas Ferguson Author-X-Name-First: Thomas Author-X-Name-Last: Ferguson Author-Name: Paul Jorgensen Author-X-Name-First: Paul Author-X-Name-Last: Jorgensen Author-Name: Jie Chen Author-X-Name-First: Jie Author-X-Name-Last: Chen Title: Party Competition and Industrial Structure in the 2012 Elections Abstract: This paper analyzes patterns of industrial structure and party competition in the 2012 presidential election. The analysis rests on a new and more comprehensive database that catches more of the myriad ways in which businesses and major investors make political contributions than previous studies do. By drawing on this unified database, the paper is able to show that both major parties depend on very large donors to a greater extent than past studies have estimated. The paper outlines the firm and sectoral bases of support for the major party nominees, as well as for Republican candidates who competed for their party's presidential nomination. The paper shows that President Barack Obama's support by big business was broader than hitherto recognized. A central conclusion is that the sectors most involved in the recent controversies over surveillance were among the president's strongest supporters. The paper also analyzes patterns of business support for the Tea Party in Congress, showing that certain parts of the business community are more supportive of Tea Party candidates than others. The role of climate change, financial regulation, and other issues in the election is discussed at length. Journal: International Journal of Political Economy Pages: 3-41 Issue: 2 Volume: 42 Year: 2013 X-DOI: 10.2753/IJP0891-1916420201 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916420201 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:42:y:2013:i:2:p:3-41 Template-Type: ReDIF-Article 1.0 Author-Name: Eric Tymoigne Author-X-Name-First: Eric Author-X-Name-Last: Tymoigne Title: Job Guarantee and Its Critiques Abstract: Unemployment brings economic, psychological, and social hardship to individuals and their community. Common policies to combat unemployment include the promotion of economic growth and training, but a less common policy focuses on the right to work. This policy proposal decouples the goals of economic growth and full employment, and allows willing individuals to work in order to maintain their morale and employability while participating in socially beneficial activities. Since the 1990s, debates regarding the right to work have been revived. Criticisms have been wide ranging and the paper evaluates some of them by going back to the New Deal work programs. The paper shows that some of these criticisms are warranted while others are not. The paper concludes that a job guarantee program can provide significant benefits as long as it is organized around a vision of labor as a fulfilling and rewarding activity. However, this vision is almost certain to clash with existing labor market structures and dominant political interests. As a consequence, if put in place, Job Guarantee may be organized as a minimalist, make-work, low-wage program and that would be a mistake. Journal: International Journal of Political Economy Pages: 63-87 Issue: 2 Volume: 42 Year: 2013 X-DOI: 10.2753/IJP0891-1916420203 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916420203 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:42:y:2013:i:2:p:63-87 Template-Type: ReDIF-Article 1.0 Author-Name: Esteban Caldentey Author-X-Name-First: Esteban Author-X-Name-Last: Caldentey Author-Name: Daniel Titelman Author-X-Name-First: Daniel Author-X-Name-Last: Titelman Title: Macroeconomics for Development in Latin America and the Caribbean Abstract: The Macroeconomics for Development blueprint for Latin America and the Caribbean is articulated around two issues: an active strategy of productive development and a countercyclical policy stance. Macroeconomic countercyclicality refers to the management of the level of aggregate demand to dampen the fluctuations and volatility of real and nominal variables around their long-term trends. This paper argues that the cycle and trend are interdependent and that, as a result, countercyclical policies (i.e., aggregate demand policies) are not neutral to the long-run behavior of economies. The way counter cyclical policies are designed and implemented, including their timing and the type of instruments used, shape and determine, along with other factors, the long-run growth trend of economies. The nonneutrality of countercyclical policies is reflected in three specific features of the Latin American and Caribbean business cycle: (1) expansionary cycles are shorter and less intense in Latin America and the Caribbean in relation to other regions; (2) short-run fluctuations affect long-run outcomes through real and financial variables; (3) the financial system tends to act as an amplifier of real fluctuations, and real recoveries occur prior to credit recoveries. The analysis implies that countercyclical policy must not only steer the cycle through variations in the level of aggregate demand. It must also focus on the composition of aggregate demand. This entails, on the one hand, sustaining the duration and intensity of the expansion and avoiding the use of public investment as the adjustment variable during cycle fluctuations. It also means using macro prudential policy as a countercyclical tool to manage the composition and level of aggregate demand. Journal: International Journal of Political Economy Pages: 65-91 Issue: 1 Volume: 43 Year: 2014 X-DOI: 10.2753/IJP0891-1916430107 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916430107 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:43:y:2014:i:1:p:65-91 Template-Type: ReDIF-Article 1.0 Author-Name: Duncan Foley Author-X-Name-First: Duncan Author-X-Name-Last: Foley Title: Varieties of Keynesianism Abstract: Recent claims, particularly in Paul Krugman's column and blog, on the superiority of the Hicks-Modigliani version of Keynesian economics calls for a re-thinking of the issues raised in the early controversies over what Joan Robinson called "bastard Keynesianism." "Good old-fashioned Keynesian economics" (GOKE) substitutes the general and unmotivated assumption of downward money wage rigidity for the detailed examination of the varied social coordination problems that characterize modern capitalist economies. This underrates Keynes's role as a precursor of modern information economics, and risks losing significant policy insights. The political economy background of the New Classical counterrevolution in economic theory, stemming from the unraveling of the "capital-labor accord" of the Second World War, provides some important lessons for the development of a macroeconomic analysis that is relevant to the real problems of modern capitalist economies. Journal: International Journal of Political Economy Pages: 4-19 Issue: 1 Volume: 43 Year: 2014 X-DOI: 10.2753/IJP0891-1916430101 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916430101 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:43:y:2014:i:1:p:4-19 Template-Type: ReDIF-Article 1.0 Author-Name: Duncan Foley Author-X-Name-First: Duncan Author-X-Name-Last: Foley Title: Reply to Paul Davidson, Servaas Storm, and Lance Taylor Abstract: Journal: International Journal of Political Economy Pages: 38-42 Issue: 1 Volume: 43 Year: 2014 X-DOI: 10.2753/IJP0891-1916430105 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916430105 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:43:y:2014:i:1:p:38-42 Template-Type: ReDIF-Article 1.0 Author-Name: Servaas Storm Author-X-Name-First: Servaas Author-X-Name-Last: Storm Title: Foley on Keynes Abstract: Journal: International Journal of Political Economy Pages: 27-33 Issue: 1 Volume: 43 Year: 2014 X-DOI: 10.2753/IJP0891-1916430103 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916430103 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:43:y:2014:i:1:p:27-33 Template-Type: ReDIF-Article 1.0 Author-Name: Mario Seccareccia Author-X-Name-First: Mario Author-X-Name-Last: Seccareccia Title: Editor's Note Abstract: Journal: International Journal of Political Economy Pages: 3-3 Issue: 1 Volume: 43 Year: 2014 X-DOI: 10.2753/IJP0891-1916430100 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916430100 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:43:y:2014:i:1:p:3-3 Template-Type: ReDIF-Article 1.0 Author-Name: Paul Davidson Author-X-Name-First: Paul Author-X-Name-Last: Davidson Title: Foley's Follies Abstract: Journal: International Journal of Political Economy Pages: 20-26 Issue: 1 Volume: 43 Year: 2014 X-DOI: 10.2753/IJP0891-1916430102 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916430102 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:43:y:2014:i:1:p:20-26 Template-Type: ReDIF-Article 1.0 Author-Name: Lance Taylor Author-X-Name-First: Lance Author-X-Name-Last: Taylor Title: Comment on Foley Abstract: Journal: International Journal of Political Economy Pages: 34-37 Issue: 1 Volume: 43 Year: 2014 X-DOI: 10.2753/IJP0891-1916430104 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916430104 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:43:y:2014:i:1:p:34-37 Template-Type: ReDIF-Article 1.0 Author-Name: Marcelo Milan Author-X-Name-First: Marcelo Author-X-Name-Last: Milan Title: Macrofinancial Risks and Liquidity Preference Abstract: This paper investigates the relationship between macrofinancial volatility, derivatives usage, and liquidity preference of nonfinancial firms in the United States. It discusses theoretically how liquidity preference changes under different institutional settings created to deal with macrofinancial risks, and provides exploratory empirical analysis to measure these changes. The preliminary empirical findings suggest that the liquidity preference of nonfinancial firms in the United States, according to a specific metric, declined from the 1950s to the 1980s, but has increased since then, despite the voluminous increase in derivatives transactions since the 1970s. The theoretical discussion and the preliminary evidence lend support to claims supporting financial market regulation and raise doubts about the effectiveness of financial derivatives usage as an effective hedging mechanism. Journal: International Journal of Political Economy Pages: 43-64 Issue: 1 Volume: 43 Year: 2014 X-DOI: 10.2753/IJP0891-1916430106 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916430106 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:43:y:2014:i:1:p:43-64 Template-Type: ReDIF-Article 1.0 Author-Name: Guglielmo Davanzati Author-X-Name-First: Guglielmo Author-X-Name-Last: Davanzati Title: Credit, Production, and Wages in Thorstein Veblen's Economic Thought Abstract: The aim of this paper is to provide an interpretation of Veblen's theory of money, production, and wages, based on the view that his approach falls within the so-called monetary theory of production (MTP), and that significant elements of similarity with Keynes's view can be traced in his works. It will be shown that social conflict—driven by workers' reaction to a wage policy that violates the "limit of tolerance"—generates increases in employment. This effect occurs in a theoretical context in which the path of real wages is affected by (a) banking policy, via the manipulation of the interest rate, and (b) by the behavior of firms, in a context where—following Veblen—the firm is a locus of conflict, involving technicians (interested in expanding production) and "businessmen" (interested in gaining money profits via the management of the "pecuniary side" of the firm). Journal: International Journal of Political Economy Pages: 92-109 Issue: 1 Volume: 43 Year: 2014 X-DOI: 10.2753/IJP0891-1916430108 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916430108 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:43:y:2014:i:1:p:92-109 Template-Type: ReDIF-Article 1.0 Author-Name: Fernando Cardim de Carvalho Author-X-Name-First: Fernando Author-X-Name-Last: Cardim de Carvalho Author-Name: Julio Lopez G. Author-X-Name-First: Julio Author-X-Name-Last: Lopez G. Title: Are Full Employment Policies Obsolete? Abstract: Journal: International Journal of Political Economy Pages: 5-23 Issue: 3 Volume: 36 Year: 2007 X-DOI: 10.2753/IJP0891-1916360301 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916360301 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:36:y:2007:i:3:p:5-23 Template-Type: ReDIF-Article 1.0 Author-Name: Mario Seccareccia Author-X-Name-First: Mario Author-X-Name-Last: Seccareccia Title: Editor's Introduction Abstract: Journal: International Journal of Political Economy Pages: 3-4 Issue: 3 Volume: 36 Year: 2007 X-DOI: 10.2753/IJP0891-1916360300 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916360300 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:36:y:2007:i:3:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Mathew Forstater Author-X-Name-First: Mathew Author-X-Name-Last: Forstater Title: From Civil Rights to Economic Security: Bayard Rustin and the African-American Struggle for Full Employment, 1945-1978 Abstract: Journal: International Journal of Political Economy Pages: 63-74 Issue: 3 Volume: 36 Year: 2007 X-DOI: 10.2753/IJP0891-1916360304 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916360304 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:36:y:2007:i:3:p:63-74 Template-Type: ReDIF-Article 1.0 Author-Name: Joëlle Leclaire Author-X-Name-First: Joëlle Author-X-Name-Last: Leclaire Title: Seeking Full Employment in a Modern World Abstract: Journal: International Journal of Political Economy Pages: 47-62 Issue: 3 Volume: 36 Year: 2007 X-DOI: 10.2753/IJP0891-1916360303 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916360303 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:36:y:2007:i:3:p:47-62 Template-Type: ReDIF-Article 1.0 Author-Name: Alain Parguez Author-X-Name-First: Alain Author-X-Name-Last: Parguez Author-Name: Jean-Gabriel Bliek Author-X-Name-First: Jean-Gabriel Author-X-Name-Last: Bliek Title: Full Employment: Can It Be a Key Policy Objective for Europe? Abstract: Journal: International Journal of Political Economy Pages: 24-46 Issue: 3 Volume: 36 Year: 2007 X-DOI: 10.2753/IJP0891-1916360302 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916360302 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:36:y:2007:i:3:p:24-46 Template-Type: ReDIF-Article 1.0 Author-Name: Romar Correa Author-X-Name-First: Romar Author-X-Name-Last: Correa Title: Wage-Employment Dynamics in the Struggle Against Stagnation Abstract: Journal: International Journal of Political Economy Pages: 75-88 Issue: 3 Volume: 36 Year: 2007 X-DOI: 10.2753/IJP0891-1916360305 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916360305 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:36:y:2007:i:3:p:75-88 Template-Type: ReDIF-Article 1.0 Author-Name: HASSAN BOUGRINE Author-X-Name-First: HASSAN Author-X-Name-Last: BOUGRINE Author-Name: MARIO SECCARECCIA Author-X-Name-First: MARIO Author-X-Name-Last: SECCARECCIA Title: Money, Taxes, Public Spending, and the State Within a Circuitist Perspective Abstract: Journal: International Journal of Political Economy Pages: 58-79 Issue: 3 Volume: 32 Year: 2002 X-DOI: 10.1080/08911916.2002.11042876 File-URL: http://hdl.handle.net/10.1080/08911916.2002.11042876 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:32:y:2002:i:3:p:58-79 Template-Type: ReDIF-Article 1.0 Author-Name: L. RANDALL WRAY Author-X-Name-First: L. RANDALL Author-X-Name-Last: WRAY Title: State Money Abstract: Journal: International Journal of Political Economy Pages: 23-40 Issue: 3 Volume: 32 Year: 2002 X-DOI: 10.1080/08911916.2002.11042877 File-URL: http://hdl.handle.net/10.1080/08911916.2002.11042877 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:32:y:2002:i:3:p:23-40 Template-Type: ReDIF-Article 1.0 Author-Name: JEFFREY Y.F. LAU Author-X-Name-First: JEFFREY Y.F. Author-X-Name-Last: LAU Author-Name: JOHN SMITHIN Author-X-Name-First: JOHN Author-X-Name-Last: SMITHIN Title: The Role of Money in Capitalism Abstract: Journal: International Journal of Political Economy Pages: 5-22 Issue: 3 Volume: 32 Year: 2002 X-DOI: 10.1080/08911916.2002.11042878 File-URL: http://hdl.handle.net/10.1080/08911916.2002.11042878 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:32:y:2002:i:3:p:5-22 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Publisher's Note Abstract: Journal: International Journal of Political Economy Pages: 3-3 Issue: 3 Volume: 32 Year: 2002 X-DOI: 10.1080/08911916.2002.11042879 File-URL: http://hdl.handle.net/10.1080/08911916.2002.11042879 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:32:y:2002:i:3:p:3-3 Template-Type: ReDIF-Article 1.0 Author-Name: MARIO SECCARECCIA Author-X-Name-First: MARIO Author-X-Name-Last: SECCARECCIA Title: Editor's Introduction : Heterodox Perspectives on Money and the State Abstract: Journal: International Journal of Political Economy Pages: 4-4 Issue: 3 Volume: 32 Year: 2002 X-DOI: 10.1080/08911916.2002.11042880 File-URL: http://hdl.handle.net/10.1080/08911916.2002.11042880 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:32:y:2002:i:3:p:4-4 Template-Type: ReDIF-Article 1.0 Author-Name: CLAUDE GNOS Author-X-Name-First: CLAUDE Author-X-Name-Last: GNOS Author-Name: LOUIS-PHILIPPE ROCHON Author-X-Name-First: LOUIS-PHILIPPE Author-X-Name-Last: ROCHON Title: Money Creation and the State : A Critical Assessment of Chartalism Abstract: Journal: International Journal of Political Economy Pages: 41-57 Issue: 3 Volume: 32 Year: 2002 X-DOI: 10.1080/08911916.2002.11042881 File-URL: http://hdl.handle.net/10.1080/08911916.2002.11042881 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:32:y:2002:i:3:p:41-57 Template-Type: ReDIF-Article 1.0 Author-Name: ALAIN PARGUEZ Author-X-Name-First: ALAIN Author-X-Name-Last: PARGUEZ Title: A Monetary Theory of Public Finance : The New Fiscal Orthodoxy: From Plummeting Deficits to Planned Fiscal Surpluses Abstract: Journal: International Journal of Political Economy Pages: 80-97 Issue: 3 Volume: 32 Year: 2002 X-DOI: 10.1080/08911916.2002.11042882 File-URL: http://hdl.handle.net/10.1080/08911916.2002.11042882 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:32:y:2002:i:3:p:80-97 Template-Type: ReDIF-Article 1.0 Author-Name: Martin Kronauer Author-X-Name-First: Martin Author-X-Name-Last: Kronauer Title: Unemployment in Western Europe Journal: International Journal of Political Economy Pages: 3-12 Issue: 3 Volume: 23 Year: 1993 Month: 9 X-DOI: 10.1080/08911916.1993.11643862 File-URL: http://hdl.handle.net/10.1080/08911916.1993.11643862 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:23:y:1993:i:3:p:3-12 Template-Type: ReDIF-Article 1.0 Author-Name: Enrico Pugliese Author-X-Name-First: Enrico Author-X-Name-Last: Pugliese Title: The Europe of the Unemployed Journal: International Journal of Political Economy Pages: 13-36 Issue: 3 Volume: 23 Year: 1993 Month: 9 X-DOI: 10.1080/08911916.1993.11643863 File-URL: http://hdl.handle.net/10.1080/08911916.1993.11643863 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:23:y:1993:i:3:p:13-36 Template-Type: ReDIF-Article 1.0 Author-Name: Godfried Engbersen Author-X-Name-First: Godfried Author-X-Name-Last: Engbersen Author-Name: Jaap Timmer Author-X-Name-First: Jaap Author-X-Name-Last: Timmer Title: The Heterogeneity of Unemployment Journal: International Journal of Political Economy Pages: 37-69 Issue: 3 Volume: 23 Year: 1993 Month: 9 X-DOI: 10.1080/08911916.1993.11643864 File-URL: http://hdl.handle.net/10.1080/08911916.1993.11643864 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:23:y:1993:i:3:p:37-69 Template-Type: ReDIF-Article 1.0 Author-Name: Martin Kronauer Author-X-Name-First: Martin Author-X-Name-Last: Kronauer Author-Name: Berthold Vogel Author-X-Name-First: Berthold Author-X-Name-Last: Vogel Title: Experiences with Unemployment Today Journal: International Journal of Political Economy Pages: 70-94 Issue: 3 Volume: 23 Year: 1993 Month: 9 X-DOI: 10.1080/08911916.1993.11643865 File-URL: http://hdl.handle.net/10.1080/08911916.1993.11643865 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:23:y:1993:i:3:p:70-94 Template-Type: ReDIF-Article 1.0 Author-Name: David Fryer Author-X-Name-First: David Author-X-Name-Last: Fryer Author-Name: Rose Fagan Author-X-Name-First: Rose Author-X-Name-Last: Fagan Title: Coping with Unemployment Journal: International Journal of Political Economy Pages: 95-120 Issue: 3 Volume: 23 Year: 1993 Month: 9 X-DOI: 10.1080/08911916.1993.11643866 File-URL: http://hdl.handle.net/10.1080/08911916.1993.11643866 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:23:y:1993:i:3:p:95-120 Template-Type: ReDIF-Article 1.0 Author-Name: Paul Mattick Author-X-Name-First: Paul Author-X-Name-Last: Mattick Title: Editor’s Introduction Journal: International Journal of Political Economy Pages: 3-5 Issue: 3 Volume: 27 Year: 1997 Month: 9 X-DOI: 10.1080/08911916.1997.11643949 File-URL: http://hdl.handle.net/10.1080/08911916.1997.11643949 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:27:y:1997:i:3:p:3-5 Template-Type: ReDIF-Article 1.0 Author-Name: Claus M. Germer Author-X-Name-First: Claus M. Author-X-Name-Last: Germer Title: Monetary Economy or Capitalist Economy? Journal: International Journal of Political Economy Pages: 6-34 Issue: 3 Volume: 27 Year: 1997 Month: 9 X-DOI: 10.1080/08911916.1997.11643950 File-URL: http://hdl.handle.net/10.1080/08911916.1997.11643950 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:27:y:1997:i:3:p:6-34 Template-Type: ReDIF-Article 1.0 Author-Name: Mario L. Robles-Báez Author-X-Name-First: Mario L. Author-X-Name-Last: Robles-Báez Title: On Marx’s Dialectic of the Genesis of the Money Form Journal: International Journal of Political Economy Pages: 35-64 Issue: 3 Volume: 27 Year: 1997 Month: 9 X-DOI: 10.1080/08911916.1997.11643951 File-URL: http://hdl.handle.net/10.1080/08911916.1997.11643951 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:27:y:1997:i:3:p:35-64 Template-Type: ReDIF-Article 1.0 Author-Name: Martha Campbell Author-X-Name-First: Martha Author-X-Name-Last: Campbell Title: Marx and Keynes on Money Journal: International Journal of Political Economy Pages: 65-91 Issue: 3 Volume: 27 Year: 1997 Month: 9 X-DOI: 10.1080/08911916.1997.11643952 File-URL: http://hdl.handle.net/10.1080/08911916.1997.11643952 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:27:y:1997:i:3:p:65-91 Template-Type: ReDIF-Article 1.0 Author-Name: Servaas Storm Author-X-Name-First: Servaas Author-X-Name-Last: Storm Title: Lost in Deflation: Why Italy’s Woes Are a Warning to the Whole Eurozone Abstract: Using macroeconomic data for 1960–2018, this article analyzes the origins of the crisis of the “post-Maastricht Treaty order of Italian capitalism.†After 1992, Italy did more than most other Eurozone members to satisfy EMU conditions in terms of self-imposed fiscal consolidation, structural reform, and real wage restraint—and the country was undeniably successful in bringing down inflation, moderating wages, running primary fiscal surpluses, reducing unemployment, and raising the profit share. But its adherence to the EMU rulebook asphyxiated Italy’s domestic demand and exports—and resulted not just in economic stagnation and a generalized productivity slowdown but in relative and absolute decline in many major dimensions of economic activity. Italy’s chronic shortage of demand has clear sources: (1) perpetual fiscal austerity; (2) permanent real wage restraint; and (3) a lack of technological competitiveness, which in combination with an overvalued euro weakens the ability of Italian firms to maintain their global market shares in the face of increasing competition of low-wage countries. These three causes lower capacity utilization; reduce firm profitability; and hurt investment, innovation, and diversification. The EMU rulebook thus locks the Italian economy into economic decline and impoverishment. The analysis points to the need to end austerity and devise public investment and industrial policies to improve Italy’s “technological competitiveness†and stop the structural divergence between the Italian economy and that of France/Germany. The issue is not just to revive demand in the short run (which is easy) but to create a self-reinforcing process of investment-led and innovation-driven process of long-run growth (which is difficult). Journal: International Journal of Political Economy Pages: 195-237 Issue: 3 Volume: 48 Year: 2019 Month: 7 X-DOI: 10.1080/08911916.2019.1655943 File-URL: http://hdl.handle.net/10.1080/08911916.2019.1655943 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:48:y:2019:i:3:p:195-237 Template-Type: ReDIF-Article 1.0 Author-Name: Salvatore Perri Author-X-Name-First: Salvatore Author-X-Name-Last: Perri Title: Italy on the Way to Trumpism Abstract: The aim of this article is to analyze the possible effects of implementing the economic program of Matteo Salvini on the Italian economy and the whole society. Salvini has co-opted most of the electoral strategies and economic program from Donald Trump’s campaign. We have used analytical concepts involved in the relationships among economic aspects that determine political consequences and vice versa. To do that, we have studied the evolution of the program of Salvini’s party, his communication strategy, and the composition of his electoral block. From this analysis the fact emerges that the full application of Salvinomics could have a dangerous effect for Italy in terms of inequalities, economic growth, the sustainability of debt and public finance, international relationships, and, in general, for the role of Italy in the globalized world. Also, the effects of some institutional reforms jointly with the economic measures could make his electoral base unstable and conflictual. Journal: International Journal of Political Economy Pages: 238-252 Issue: 3 Volume: 48 Year: 2019 Month: 7 X-DOI: 10.1080/08911916.2019.1655951 File-URL: http://hdl.handle.net/10.1080/08911916.2019.1655951 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:48:y:2019:i:3:p:238-252 Template-Type: ReDIF-Article 1.0 Author-Name: Emiliano Brancaccio Author-X-Name-First: Emiliano Author-X-Name-Last: Brancaccio Author-Name: Damiano Buonaguidi Author-X-Name-First: Damiano Author-X-Name-Last: Buonaguidi Title: Stock Market Volatility Tests: A Classical-Keynesian Alternative to Mainstream Interpretations Abstract: We examine the neoclassical interpretations of Shiller’s tests on stock market volatility and analyze their theoretical and empirical limitations. We then show that volatility can be interpreted in an alternative way in the light of a new macroeconomic model whose main innovative feature is that it relates dividends to the Classical concept of “normal distribution†and stock prices to the Keynesian “principle of effective demand.†While a relatively stable normal rate of profit determines dividends, the continuous fluctuations of investment, income, and saving and the related portfolio choices influence the demand for shares and provoke stock prices volatility with respect to dividends. The Classical-Keynesian model is then extended to contemplate also a “financial instability hypothesis†and a “monetary circuit.†Neoclassical and alternative stock market models are presented here by adopting a comparative approach—that is, a single system of equations in which the causal relations among its variables change according to the theory examined. Journal: International Journal of Political Economy Pages: 253-274 Issue: 3 Volume: 48 Year: 2019 Month: 7 X-DOI: 10.1080/08911916.2019.1655954 File-URL: http://hdl.handle.net/10.1080/08911916.2019.1655954 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:48:y:2019:i:3:p:253-274 Template-Type: ReDIF-Article 1.0 Author-Name: Massimo Cingolani Author-X-Name-First: Massimo Author-X-Name-Last: Cingolani Title: Necessary Public Investment: The Role of Public Banks Abstract: The role of public banks in financing necessary investment is discussed with reference to a causal framework linking public and private expenditure in sequential time. The text starts by looking at lending to the public and private sector in Europe and develops a simple interpretation of it, which is used to discuss the causes of the recent financial crisis. The evidence shows that the recent financial crisis cannot be imputed to excessive public debt but possibly only to the fast accumulation of private debt. These facts can be interpreted in terms of a simple causality structure where public expenditure determines the level of economic activity. If causality can run from public to private expenditure, the role of public banks in the creation of new savings becomes potentially important because, being part of the public sector, they can play also an indirect role as monetary financial intermediaries, in addition to their traditional role as nonmonetary financial intermediaries recycling savings already accumulated in the past. The article discusses these two possible roles of public banks with reference to some examples. The case of investment for climate change mitigation shows that both roles are important for the pursuit of public policy goals. If only the traditional nonmonetary intermediary role is retained, in the absence of other incentives, the level of environmental investment risks being limited to that portion of the necessary investment that the market considers profitable, i.e., it would probably be insufficient to reduce the climate change risks. In the best variant, these necessary environmental investments would be realized at the expense of other necessary public investment. If, on the contrary, environmental investment is to be realized without reducing other necessary public investments, public banks should engage also in monetary financial intermediary’s activities aimed at creating new wealth. The text concludes by describing briefly the main logical consequences of the analysis developed. Journal: International Journal of Political Economy Pages: 275-300 Issue: 3 Volume: 48 Year: 2019 Month: 7 X-DOI: 10.1080/08911916.2019.1655955 File-URL: http://hdl.handle.net/10.1080/08911916.2019.1655955 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:48:y:2019:i:3:p:275-300 Template-Type: ReDIF-Article 1.0 Author-Name: Richard B. Day Author-X-Name-First: Richard B. Author-X-Name-Last: Day Title: Introduction Journal: International Journal of Political Economy Pages: 3-12 Issue: 2 Volume: 19 Year: 1989 Month: 6 X-DOI: 10.1080/08911916.1989.11643773 File-URL: http://hdl.handle.net/10.1080/08911916.1989.11643773 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:19:y:1989:i:2:p:3-12 Template-Type: ReDIF-Article 1.0 Author-Name: L. I. Piiasheva Author-X-Name-First: L. I. Author-X-Name-Last: Piiasheva Author-Name: B. S. Pinsker Author-X-Name-First: B. S. Author-X-Name-Last: Pinsker Title: Neoconservative Economics: Theory and International Practice Journal: International Journal of Political Economy Pages: 13-44 Issue: 2 Volume: 19 Year: 1989 Month: 6 X-DOI: 10.1080/08911916.1989.11643774 File-URL: http://hdl.handle.net/10.1080/08911916.1989.11643774 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:19:y:1989:i:2:p:13-44 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Reaganomics Journal: International Journal of Political Economy Pages: 44-97 Issue: 2 Volume: 19 Year: 1989 Month: 6 X-DOI: 10.1080/08911916.1989.11643775 File-URL: http://hdl.handle.net/10.1080/08911916.1989.11643775 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:19:y:1989:i:2:p:44-97 Template-Type: ReDIF-Article 1.0 Author-Name: Tilla Siegel Author-X-Name-First: Tilla Author-X-Name-Last: Siegel Title: Introduction Journal: International Journal of Political Economy Pages: 3-9 Issue: 1 Volume: 18 Year: 1988 Month: 3 X-DOI: 10.1080/08911916.1988.11643741 File-URL: http://hdl.handle.net/10.1080/08911916.1988.11643741 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:18:y:1988:i:1:p:3-9 Template-Type: ReDIF-Article 1.0 Author-Name: Traute Rafalski Author-X-Name-First: Traute Author-X-Name-Last: Rafalski Title: Social Planning and Corporatism Journal: International Journal of Political Economy Pages: 10-64 Issue: 1 Volume: 18 Year: 1988 Month: 3 X-DOI: 10.1080/08911916.1988.11643742 File-URL: http://hdl.handle.net/10.1080/08911916.1988.11643742 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:18:y:1988:i:1:p:10-64 Template-Type: ReDIF-Article 1.0 Author-Name: Carola Sachse Author-X-Name-First: Carola Author-X-Name-Last: Sachse Title: A Flow of People and a Flow of Goods Journal: International Journal of Political Economy Pages: 65-81 Issue: 1 Volume: 18 Year: 1988 Month: 3 X-DOI: 10.1080/08911916.1988.11643743 File-URL: http://hdl.handle.net/10.1080/08911916.1988.11643743 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:18:y:1988:i:1:p:65-81 Template-Type: ReDIF-Article 1.0 Author-Name: Tilla Siegel Author-X-Name-First: Tilla Author-X-Name-Last: Siegel Title: Welfare Capitalism, Nazi Style Journal: International Journal of Political Economy Pages: 82-116 Issue: 1 Volume: 18 Year: 1988 Month: 3 X-DOI: 10.1080/08911916.1988.11643744 File-URL: http://hdl.handle.net/10.1080/08911916.1988.11643744 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:18:y:1988:i:1:p:82-116 Template-Type: ReDIF-Article 1.0 Author-Name: Mario Seccareccia Author-X-Name-First: Mario Author-X-Name-Last: Seccareccia Title: The U.S. Federal Reserve System: A Retrospective Abstract: Journal: International Journal of Political Economy Pages: 3-4 Issue: 3 Volume: 42 Year: 2013 X-DOI: 10.2753/IJP0891-1916420300 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916420300 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:42:y:2013:i:3:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Edwin Dickens Author-X-Name-First: Edwin Author-X-Name-Last: Dickens Title: The Political Economy of U.S. Monetary Policy Abstract: Mainstream economists explain the Federal Reserve's behavior as (usually failed) attempts to stabilize the economy on a non-inflationary growth path. In contrast, this paper explains it in terms of class and intra-class conflicts, with the class conflict taking the form of a populist movement prior to the New Deal then a movement toward social democracy, while the intra-class conflict at issue here is between the large regional banks and the large New York banks. The paper shows that when these two groups of banks are united, they constitute an unassailable force in the class conflict. However, when the large regional banks are at loggerheads with the large New York banks over the proper role of bank clearinghouses during the populist period and the proper role of the eurodollar market during the social democratic period, then there is an opening for progressive social reforms. Journal: International Journal of Political Economy Pages: 24-43 Issue: 3 Volume: 42 Year: 2013 X-DOI: 10.2753/IJP0891-1916420302 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916420302 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:42:y:2013:i:3:p:24-43 Template-Type: ReDIF-Article 1.0 Author-Name: Marc Lavoie Author-X-Name-First: Marc Author-X-Name-Last: Lavoie Author-Name: Mario Seccareccia Author-X-Name-First: Mario Author-X-Name-Last: Seccareccia Title: Reciprocal Influences Abstract: The history of the Bank of Canada and the U.S. Federal Reserve System is intertwined not only because of geographical proximity but because of the reciprocal influence on the way they have evolved their structures to conduct monetary policy. While both find their origins in financial crises, the environment in which they were embedded in the early twentieth century was quite different. Before central banking, the U.S. banking structure was decentralized and susceptible to recurrent breakdowns, thereby necessitating a lender of last resort, while the Canadian banking system was oligopolistic and highly centralized from its inception. For most of the postwar period, the Bank of Canada tended to follow policies that generally originated south of the Canadian border; but over the past quarter-century, the Bank of Canada has been at the forefront of policy innovations, particularly in seeking to restructure its policy system along Wicksellian lines. A detailed account of these institutional changes is provided, including the recent changes that have taken place in the aftermath of the financial crisis. Journal: International Journal of Political Economy Pages: 63-83 Issue: 3 Volume: 42 Year: 2013 X-DOI: 10.2753/IJP0891-1916420304 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916420304 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:42:y:2013:i:3:p:63-83 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Call for Papers for Special Issues of on Abenomics and on Diversity and Institutional Change in the Japanese Economy and Society Abstract: Journal: International Journal of Political Economy Pages: 99-100 Issue: 3 Volume: 42 Year: 2013 X-DOI: 10.1080/08911916.2013.11043102 File-URL: http://hdl.handle.net/10.1080/08911916.2013.11043102 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:42:y:2013:i:3:p:99-100 Template-Type: ReDIF-Article 1.0 Author-Name: Jane D'Arista Author-X-Name-First: Jane Author-X-Name-Last: D'Arista Title: State of the Art Abstract: Belief in the efficient markets hypothesis and the adoption of capital requirements for banks as the macro-prudential tool most compatible with market forces replaced the Federal Reserve's earlier commitment to using the link between open market operations and changes in reserve requirements to curb credit. Since severing that lever of influence over the credit supply, the central bank has relied on open market operations to achieve only one objective: to influence the demand for credit by changing the short-term policy rate. The unbalanced monetary toolkit contributed to a pro-cyclical bias in policy outcomes that mirrored and exacerbated the evolving pro-cyclical bias of the financial system. Failure to evaluate and strengthen its monetary tools has undermined the Fed's ability to restore sustained economic growth and prevent another financial crisis. Journal: International Journal of Political Economy Pages: 5-23 Issue: 3 Volume: 42 Year: 2013 X-DOI: 10.2753/IJP0891-1916420301 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916420301 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:42:y:2013:i:3:p:5-23 Template-Type: ReDIF-Article 1.0 Author-Name: Peter Howells Author-X-Name-First: Peter Author-X-Name-Last: Howells Title: The U.S. Fed and the Bank of England Abstract: This essay looks at the foundation and development of the U.S. Federal Reserve and the Bank of England through the perspective of the recent debate over central bank independence in the design of optimal monetary policy. It shows that the creators of the Federal Reserve were acutely aware that they were establishing a central bank (based to some degree on the Bank of England as it had then evolved). Thus they were troubled by the potential power that such an institution might wield and so the question of control and influence was paramount. Interestingly, the founding fathers eventually opted for independence from the money interests of Wall Street rather than independence from the state. The Fed's reputation for policy competence and independence owes much more to the role of strong chairmen in recent years than to any statutory design.By contrast, the Bank of England was founded as a private bank. Concerns about independence played no part in its early history and came to the fore only after it had acquired, step by step, the responsibilities of a central bank. The first serious concerns about independence were voiced in the inter-war period when it was thought that the Bank was too keen to support London's role as the center of international finance, against the interests of the domestic economy. Partly for this reason, it was nationalized in 1946. When it was granted operational independence in 1997 it was stripped of two of its oldest responsibilities in order to avoid conflicts of interest.What the history of the two banks shows is firstly, that it is not independence from the government that is essential for optimal policy, but a freedom to pursue one, single priority and secondly, that the effectiveness with which this is carried out has little or nothing to do with laws, charters, and statutes. Journal: International Journal of Political Economy Pages: 44-62 Issue: 3 Volume: 42 Year: 2013 X-DOI: 10.2753/IJP0891-1916420303 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916420303 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:42:y:2013:i:3:p:44-62 Template-Type: ReDIF-Article 1.0 Author-Name: Eugenia Correa Author-X-Name-First: Eugenia Author-X-Name-Last: Correa Author-Name: Alicia Girón Author-X-Name-First: Alicia Author-X-Name-Last: Girón Title: U.S. Federal Reserve Monetary Policy and the First Crisis of Securitization: Mexico and Latin America, 1994-1995 Abstract: The decisions of the Federal Reserve of the United States (Fed) determining interest rates have played a critical role in capital inflows/outflows toward Mexico and Latin America. The causal relationship that exists between the Fed and emerging markets is quite close; a clear example of this is the first crisis of securitization on the global level, which originated in Mexico in 1994. The monetary policy of the Fed supported the expansion of U.S. investment banks and some institutional investors, thus creating not only an enormous bubble in Mexico and other local financial markets in Latin America through the expansion of portfolio investment, but also successive financial crises during the 1990s when those financial capital flows reversed themselves. This article analyzes the factors determining the composition of international capital inflows/outflows during those years. Instead of being new commercial bank credit, these flows were propelled forward by the global movement toward securitization, which began in the second half of the eighties and became more dynamic starting in 1991, immediately after renegotiation of the external debt within the framework of the Brady Plan. The article goes on to present the first crisis of securitization in Mexico and some other Latin American countries. In Mexico specifically, U.S. investment banks and some institutional investors participated in the new surge of international financial markets through the net portfolio flows that were placed in private and public sector securities. The change in the Fed's monetary policy led to a massive shift of capital into other markets, and the most devastating banking and economic crisis in Mexico's history. Journal: International Journal of Political Economy Pages: 84-98 Issue: 3 Volume: 42 Year: 2013 X-DOI: 10.2753/IJP0891-1916420305 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916420305 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:42:y:2013:i:3:p:84-98 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Author Index to International Journal of Political Economy Volume 33 (Spring 2004-Winter 2004-5) Abstract: Journal: International Journal of Political Economy Pages: 96-97 Issue: 4 Volume: 34 Year: 2004 X-DOI: 10.1080/08911916.2005.11042931 File-URL: http://hdl.handle.net/10.1080/08911916.2005.11042931 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:34:y:2004:i:4:p:96-97 Template-Type: ReDIF-Article 1.0 Author-Name: ISABEL MONAL Author-X-Name-First: ISABEL Author-X-Name-Last: MONAL Title: Cuban Foundational Marxist Thought Abstract: Journal: International Journal of Political Economy Pages: 11-23 Issue: 4 Volume: 34 Year: 2004 X-DOI: 10.1080/08911916.2005.11042932 File-URL: http://hdl.handle.net/10.1080/08911916.2005.11042932 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:34:y:2004:i:4:p:11-23 Template-Type: ReDIF-Article 1.0 Author-Name: RÉMY HERRERA Author-X-Name-First: RÉMY Author-X-Name-Last: HERRERA Title: When the Names of the Emperors Were Morgan and Rockefeller . . .: Prerevolutionary Cuba's Dependency with Regard to U.S. High Finance Abstract: Journal: International Journal of Political Economy Pages: 24-48 Issue: 4 Volume: 34 Year: 2004 X-DOI: 10.1080/08911916.2005.11042933 File-URL: http://hdl.handle.net/10.1080/08911916.2005.11042933 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:34:y:2004:i:4:p:24-48 Template-Type: ReDIF-Article 1.0 Author-Name: RÉMY HERRERA Author-X-Name-First: RÉMY Author-X-Name-Last: HERRERA Author-Name: PAULO NAKATANI Author-X-Name-First: PAULO Author-X-Name-Last: NAKATANI Title: De-Dollarizing Cuba Abstract: Journal: International Journal of Political Economy Pages: 84-95 Issue: 4 Volume: 34 Year: 2004 X-DOI: 10.1080/08911916.2005.11042934 File-URL: http://hdl.handle.net/10.1080/08911916.2005.11042934 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:34:y:2004:i:4:p:84-95 Template-Type: ReDIF-Article 1.0 Author-Name: AL CAMPBELL Author-X-Name-First: AL Author-X-Name-Last: CAMPBELL Title: Planning in Cuba Today Abstract: Journal: International Journal of Political Economy Pages: 65-83 Issue: 4 Volume: 34 Year: 2004 X-DOI: 10.1080/08911916.2005.11042935 File-URL: http://hdl.handle.net/10.1080/08911916.2005.11042935 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:34:y:2004:i:4:p:65-83 Template-Type: ReDIF-Article 1.0 Author-Name: ELENA C. ÃLVAREZ GONZÃLEZ Author-X-Name-First: ELENA C. ÃLVAREZ Author-X-Name-Last: GONZÃLEZ Title: Characteristics of the Evolution of the Cuban Economy Since 1990 Abstract: Journal: International Journal of Political Economy Pages: 49-64 Issue: 4 Volume: 34 Year: 2004 X-DOI: 10.1080/08911916.2005.11042936 File-URL: http://hdl.handle.net/10.1080/08911916.2005.11042936 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:34:y:2004:i:4:p:49-64 Template-Type: ReDIF-Article 1.0 Author-Name: RÉMY HERRERA Author-X-Name-First: RÉMY Author-X-Name-Last: HERRERA Title: Guest Editor's Introduction: Where Is the Cuban Economy Heading? Abstract: Journal: International Journal of Political Economy Pages: 3-10 Issue: 4 Volume: 34 Year: 2004 X-DOI: 10.1080/08911916.2005.11042937 File-URL: http://hdl.handle.net/10.1080/08911916.2005.11042937 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:34:y:2004:i:4:p:3-10 Template-Type: ReDIF-Article 1.0 Author-Name: Paulo Nakatani Author-X-Name-First: Paulo Author-X-Name-Last: Nakatani Title: Guest Editor’s Introduction Journal: International Journal of Political Economy Pages: 3-12 Issue: 4 Volume: 30 Year: 2000 Month: 12 X-DOI: 10.1080/08911916.2000.11644018 File-URL: http://hdl.handle.net/10.1080/08911916.2000.11644018 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:30:y:2000:i:4:p:3-12 Template-Type: ReDIF-Article 1.0 Author-Name: FabrÃcio Augusto de Oliveira Author-X-Name-First: FabrÃcio Augusto Author-X-Name-Last: de Oliveira Author-Name: Paulo Nakatani Author-X-Name-First: Paulo Author-X-Name-Last: Nakatani Title: The Real Plan Journal: International Journal of Political Economy Pages: 13-31 Issue: 4 Volume: 30 Year: 2000 Month: 12 X-DOI: 10.1080/08911916.2000.11644019 File-URL: http://hdl.handle.net/10.1080/08911916.2000.11644019 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:30:y:2000:i:4:p:13-31 Template-Type: ReDIF-Article 1.0 Author-Name: Reinaldo Gonçalves Author-X-Name-First: Reinaldo Author-X-Name-Last: Gonçalves Title: External Vulnerability and the Brazilian Economic Crisis Journal: International Journal of Political Economy Pages: 32-48 Issue: 4 Volume: 30 Year: 2000 Month: 12 X-DOI: 10.1080/08911916.2000.11644020 File-URL: http://hdl.handle.net/10.1080/08911916.2000.11644020 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:30:y:2000:i:4:p:32-48 Template-Type: ReDIF-Article 1.0 Author-Name: Rosa Maria Marques Author-X-Name-First: Rosa Maria Author-X-Name-Last: Marques Author-Name: Mariana Batich Author-X-Name-First: Mariana Author-X-Name-Last: Batich Title: The Labor Market and Social Security in Brazil Journal: International Journal of Political Economy Pages: 49-67 Issue: 4 Volume: 30 Year: 2000 Month: 12 X-DOI: 10.1080/08911916.2000.11644021 File-URL: http://hdl.handle.net/10.1080/08911916.2000.11644021 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:30:y:2000:i:4:p:49-67 Template-Type: ReDIF-Article 1.0 Author-Name: Liana Carleial Author-X-Name-First: Liana Author-X-Name-Last: Carleial Author-Name: Manoel Luiz Malaguti Author-X-Name-First: Manoel Author-X-Name-Last: Luiz Malaguti Title: Informality and Casualization in the Brazilian Labor Market Journal: International Journal of Political Economy Pages: 68-90 Issue: 4 Volume: 30 Year: 2000 Month: 12 X-DOI: 10.1080/08911916.2000.11644022 File-URL: http://hdl.handle.net/10.1080/08911916.2000.11644022 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:30:y:2000:i:4:p:68-90 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Author Index to Volume 30 Journal: International Journal of Political Economy Pages: 91-92 Issue: 4 Volume: 30 Year: 2000 Month: 12 X-DOI: 10.1080/08911916.2000.11644023 File-URL: http://hdl.handle.net/10.1080/08911916.2000.11644023 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:30:y:2000:i:4:p:91-92 Template-Type: ReDIF-Article 1.0 Author-Name: Mehdi Guirat Author-X-Name-First: Mehdi Author-X-Name-Last: Guirat Author-Name: Corinne Pastoret Author-X-Name-First: Corinne Author-X-Name-Last: Pastoret Title: Financial Constraints on Economic Growth in the Maghreb Countries Abstract: This paper examines domestic and external financial constraints on development in the Maghreb region and proposes policy recommendations to alleviate them. In contrast to the IMF-monterrey consensus view on finance for development, it is argued that financial liberalization and the privatization of domestic banking systems, combined with export-led development strategies, tend to amplify financial constraints on development, instead of reducing them. Alternative policy recommendations include: relying more on domestic banking systems, adopting monetary, fiscal and sectoral policies to support economic development and finally, strengthening the Arab Maghreb Union with the adoption of a regional bank and a common currency. Journal: International Journal of Political Economy Pages: 66-85 Issue: 4 Volume: 38 Year: 2009 X-DOI: 10.2753/IJP0891-1916380404 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916380404 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:38:y:2009:i:4:p:66-85 Template-Type: ReDIF-Article 1.0 Author-Name: Hassan Bougrine Author-X-Name-First: Hassan Author-X-Name-Last: Bougrine Author-Name: Mario Seccareccia Author-X-Name-First: Mario Author-X-Name-Last: Seccareccia Title: Financing Development Abstract: A salient feature of the international monetary system is the existence of a hierarchy of currencies. Unlike the major industrialized countries where there exists an international market for their currencies and whose citizens are in a privileged position to be able to borrow internationally and accumulate debt that is denominated in their own national currencies, this is not the case for the vast majority of countries, especially in the developing world. Historical and empirical evidence demonstrate that exchange rates volatility hurts economic growth in developing countries, particularly when these countries are heavily indebted to the major foreign lenders with loans denominated in foreign currencies. Indeed, developing countries are often presented as typical examples of deficient saving (i.e. having trade deficits) and technological backwardness. To remedy these problems, developing countries must rely on foreign lenders to finance important projects, requiring capital imports, which are crucial to their development. The problem is that when exchange rates are volatile, these countries find themselves in a situation where they have to bear the burden of the adjustment which is crippling for domestic growth. We propose an institutional mechanism for settling international payments and imbalances that would protect poor countries without necessarily hurting the interests of international money lenders. Journal: International Journal of Political Economy Pages: 44-65 Issue: 4 Volume: 38 Year: 2009 X-DOI: 10.2753/IJP0891-1916380403 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916380403 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:38:y:2009:i:4:p:44-65 Template-Type: ReDIF-Article 1.0 Author-Name: Ilene Grabel Author-X-Name-First: Ilene Author-X-Name-Last: Grabel Title: Remittances: Political Economy and Developmental Implications Abstract: Private remittances are becoming an increasingly important part of the financial landscape of many developing countries. Indeed, for some such countries, these flows are the single most important type of international capital inflow—public or private—and they have become an important source of purchasing power and foreign exchange. The growing importance of remittances has stimulated a great deal of discussion among scholars and policymakers. However, most studies tend to be rather narrow and microeconomic in scope, and fail to understand remittances within a broader political economy context. This contrasts with studies of other international capital flows such as official development assistance, direct foreign investment, private bank loans, and portfolio investment where political economy concerns have long been a central concern. This paper draws together findings from the rapidly growing multi-disciplinary study of remittances; identifies what we know, what we do not yet know, and what we still need to know about their economic, political and social consequences; and argues that there are a range of important political economy concerns raised by these flows (such as public moral hazard). The current global economic crisis raises new questions for remittance researchers, not least of which is whether the established counter-cyclicality of these flows is giving way to pro-cyclicality. The paper concludes that the political economy effects of remittances are complex, contradictory, and not amenable to generalizations across the developing world, and that there is still much that we need to know about them. Journal: International Journal of Political Economy Pages: 86-106 Issue: 4 Volume: 38 Year: 2009 X-DOI: 10.2753/IJP0891-1916380405 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916380405 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:38:y:2009:i:4:p:86-106 Template-Type: ReDIF-Article 1.0 Author-Name: Mario Seccareccia Author-X-Name-First: Mario Author-X-Name-Last: Seccareccia Title: Editor's Introduction Abstract: Journal: International Journal of Political Economy Pages: 3-4 Issue: 4 Volume: 38 Year: 2009 X-DOI: 10.2753/IJP0891-1916380400 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916380400 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:38:y:2009:i:4:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: L. Wray Author-X-Name-First: L. Author-X-Name-Last: Wray Title: An Alternative View of Finance, Saving, Deficits, and Liquidity Abstract: This article contrasts the orthodox approach with an alternative view on finance, saving, deficits, and liquidity, with the goal of shedding light on the current global financial crisis. It first briefy summarizes the orthodox view according to which global savings financed the U.S. speculative boom. Excessive growth of U.S. indebtedness was unsustainable, and matters were made worse by Fed monetary ease. The alternative view is based on Keynes's approach to finance and liquidity preference, integrated with the "modern money" view of currency sovereignty. It is argued that investment, budget deficits, and current account deficits create saving; on this view it is more revealing to think of U.S. current accounts as financing global dollar savings. Finally, an alternative interpretation of the causes of, and solutions to, the global financial crisis are offered. Journal: International Journal of Political Economy Pages: 25-43 Issue: 4 Volume: 38 Year: 2009 X-DOI: 10.2753/IJP0891-1916380402 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916380402 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:38:y:2009:i:4:p:25-43 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Author Index to Abstract: Journal: International Journal of Political Economy Pages: 107-108 Issue: 4 Volume: 38 Year: 2009 X-DOI: 10.1080/08911916.2009.11043019 File-URL: http://hdl.handle.net/10.1080/08911916.2009.11043019 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:38:y:2009:i:4:p:107-108 Template-Type: ReDIF-Article 1.0 Author-Name: Fernando de Carvalho Author-X-Name-First: Fernando Author-X-Name-Last: de Carvalho Title: Financing Development Abstract: Developing economies were traditionally conceived as economies where capital was scarce with respect to labor and land. Capital scarcity was explained by different reasons, such as low domestic savings propensities (the poor were too poor to save and the rich consumed like their counterparts in developed economies), international exploitation (as in theories of imperialism), and so on. Nowadays these theories face the problem of having developing economies actually exporting savings to developed countries. In development theory, as in all macroeconomics, the concept of savings has been diffcult to grasp, with different authors talking at cross purposes. Financing development, in particular, is surrounded by conceptual and analytical inconsistencies, which responds for at least part of the confusion that reigns in this subdiscipline. This paper tries to dispel some of these confusions by exploring the different meanings of the term "financing" and examining what each one implies for the discussion of overcoming development (itself, in fact, a rather equivocal term, as the paper also suggests). Journal: International Journal of Political Economy Pages: 5-24 Issue: 4 Volume: 38 Year: 2009 X-DOI: 10.2753/IJP0891-1916380401 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916380401 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:38:y:2009:i:4:p:5-24 Template-Type: ReDIF-Article 1.0 Author-Name: HERBERT OBINGER Author-X-Name-First: HERBERT Author-X-Name-Last: OBINGER Title: Veto Players, Political Parties, and Welfare-State Retrenchment in Austria Abstract: Journal: International Journal of Political Economy Pages: 44-66 Issue: 2 Volume: 32 Year: 2002 X-DOI: 10.1080/08911916.2001.11042872 File-URL: http://hdl.handle.net/10.1080/08911916.2001.11042872 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:32:y:2002:i:2:p:44-66 Template-Type: ReDIF-Article 1.0 Author-Name: MARTIN SEELEIB-KAISER Author-X-Name-First: MARTIN Author-X-Name-Last: SEELEIB-KAISER Title: The Social Policies of the Red-Green Alliance in Germany Abstract: Journal: International Journal of Political Economy Pages: 14-43 Issue: 2 Volume: 32 Year: 2002 X-DOI: 10.1080/08911916.2001.11042873 File-URL: http://hdl.handle.net/10.1080/08911916.2001.11042873 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:32:y:2002:i:2:p:14-43 Template-Type: ReDIF-Article 1.0 Author-Name: ALEX E. FERNÃNDEZ JILBERTO Author-X-Name-First: ALEX E. FERNÃNDEZ Author-X-Name-Last: JILBERTO Author-Name: ANDRÉ MOMMEN Author-X-Name-First: ANDRÉ Author-X-Name-Last: MOMMEN Title: Guest Editors' Introduction : Neoliberal Threats to the Welfare State Abstract: Journal: International Journal of Political Economy Pages: 3-13 Issue: 2 Volume: 32 Year: 2002 X-DOI: 10.1080/08911916.2001.11042874 File-URL: http://hdl.handle.net/10.1080/08911916.2001.11042874 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:32:y:2002:i:2:p:3-13 Template-Type: ReDIF-Article 1.0 Author-Name: KARIMA KORAYEM Author-X-Name-First: KARIMA Author-X-Name-Last: KORAYEM Title: Pro-Poor Policies in Egypt : Identification and Assessment Abstract: Journal: International Journal of Political Economy Pages: 67-96 Issue: 2 Volume: 32 Year: 2002 X-DOI: 10.1080/08911916.2001.11042875 File-URL: http://hdl.handle.net/10.1080/08911916.2001.11042875 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:32:y:2002:i:2:p:67-96 Template-Type: ReDIF-Article 1.0 Author-Name: Chee Chan Author-X-Name-First: Chee Author-X-Name-Last: Chan Title: The World Bank: Development Agency, Credit Union, or Institutional Dinosaur? Abstract: Journal: International Journal of Political Economy Pages: 24-49 Issue: 1 Volume: 37 Year: 2008 X-DOI: 10.2753/IJP0891-1916370102 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916370102 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:37:y:2008:i:1:p:24-49 Template-Type: ReDIF-Article 1.0 Author-Name: Frank Ackerman Author-X-Name-First: Frank Author-X-Name-Last: Ackerman Author-Name: Kevin Gallagher Author-X-Name-First: Kevin Author-X-Name-Last: Gallagher Title: The Shrinking Gains from Global Trade Liberalization in Computable General Equilibrium Models: A Critical Assessment Abstract: Journal: International Journal of Political Economy Pages: 50-77 Issue: 1 Volume: 37 Year: 2008 X-DOI: 10.2753/IJP0891-1916370103 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916370103 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:37:y:2008:i:1:p:50-77 Template-Type: ReDIF-Article 1.0 Author-Name: Jan Kregel Author-X-Name-First: Jan Author-X-Name-Last: Kregel Title: Using Minsky's Cushions of Safety to Analyze the Crisis in the U. S. Subprime Mortgage Market Abstract: Journal: International Journal of Political Economy Pages: 3-23 Issue: 1 Volume: 37 Year: 2008 X-DOI: 10.2753/IJP0891-1916370101 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916370101 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:37:y:2008:i:1:p:3-23 Template-Type: ReDIF-Article 1.0 Author-Name: Steven Pressman Author-X-Name-First: Steven Author-X-Name-Last: Pressman Title: Expanding the Boundaries of the Economics of Crime Abstract: Journal: International Journal of Political Economy Pages: 78-100 Issue: 1 Volume: 37 Year: 2008 X-DOI: 10.2753/IJP0891-1916370104 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916370104 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:37:y:2008:i:1:p:78-100 Template-Type: ReDIF-Article 1.0 Author-Name: JEAN-FRANÇOIS PONSOT Author-X-Name-First: JEAN-FRANÇOIS Author-X-Name-Last: PONSOT Title: The Obsession of Credibility : A Historical Perspective on Full Dollarization and Currency Boards Abstract: Journal: International Journal of Political Economy Pages: 83-99 Issue: 1 Volume: 33 Year: 2003 X-DOI: 10.1080/08911916.2003.11042889 File-URL: http://hdl.handle.net/10.1080/08911916.2003.11042889 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:33:y:2003:i:1:p:83-99 Template-Type: ReDIF-Article 1.0 Author-Name: KENNETH P. JAMESON Author-X-Name-First: KENNETH P. Author-X-Name-Last: JAMESON Title: Is It Possible to De-Dollarize? : The Case of Ecuador Abstract: Journal: International Journal of Political Economy Pages: 42-60 Issue: 1 Volume: 33 Year: 2003 X-DOI: 10.1080/08911916.2003.11042890 File-URL: http://hdl.handle.net/10.1080/08911916.2003.11042890 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:33:y:2003:i:1:p:42-60 Template-Type: ReDIF-Article 1.0 Author-Name: MARIO SECCARECCIA Author-X-Name-First: MARIO Author-X-Name-Last: SECCARECCIA Title: Editor's Introduction Abstract: Journal: International Journal of Political Economy Pages: 3-3 Issue: 1 Volume: 33 Year: 2003 X-DOI: 10.1080/08911916.2003.11042891 File-URL: http://hdl.handle.net/10.1080/08911916.2003.11042891 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:33:y:2003:i:1:p:3-3 Template-Type: ReDIF-Article 1.0 Author-Name: LOUIS-PHILIPPE ROCHON Author-X-Name-First: LOUIS-PHILIPPE Author-X-Name-Last: ROCHON Author-Name: SERGIO ROSSI Author-X-Name-First: SERGIO Author-X-Name-Last: ROSSI Author-Name: SERGIO ROSSI Author-X-Name-First: SERGIO Author-X-Name-Last: ROSSI Title: Dollarization Out, Euroization In Abstract: Journal: International Journal of Political Economy Pages: 21-41 Issue: 1 Volume: 33 Year: 2003 X-DOI: 10.1080/08911916.2003.11042892 File-URL: http://hdl.handle.net/10.1080/08911916.2003.11042892 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:33:y:2003:i:1:p:21-41 Template-Type: ReDIF-Article 1.0 Author-Name: BENJAMIN J. COHEN Author-X-Name-First: BENJAMIN J. Author-X-Name-Last: COHEN Title: Dollarization, Rest in Peace Abstract: Journal: International Journal of Political Economy Pages: 4-20 Issue: 1 Volume: 33 Year: 2003 X-DOI: 10.1080/08911916.2003.11042893 File-URL: http://hdl.handle.net/10.1080/08911916.2003.11042893 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:33:y:2003:i:1:p:4-20 Template-Type: ReDIF-Article 1.0 Author-Name: THOMAS I. PALLEY Author-X-Name-First: THOMAS I. Author-X-Name-Last: PALLEY Title: The Economics of Exchange Rates and the Dollarization Debate : The Case Against Extremes Abstract: Journal: International Journal of Political Economy Pages: 61-82 Issue: 1 Volume: 33 Year: 2003 X-DOI: 10.1080/08911916.2003.11042894 File-URL: http://hdl.handle.net/10.1080/08911916.2003.11042894 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:33:y:2003:i:1:p:61-82 Template-Type: ReDIF-Article 1.0 Author-Name: Paul Mattick Jr. Author-X-Name-First: Paul Author-X-Name-Last: Mattick Jr. Title: Guest Editor's Introduction Abstract: Journal: International Journal of Political Economy Pages: 3-5 Issue: 2 Volume: 36 Year: 2007 X-DOI: 10.2753/IJP0891-1916360200 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916360200 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:36:y:2007:i:2:p:3-5 Template-Type: ReDIF-Article 1.0 Author-Name: Henryk Grossmann Author-X-Name-First: Henryk Author-X-Name-Last: Grossmann Title: Marx, Classical Economics, and the Problem of Dynamics Abstract: Journal: International Journal of Political Economy Pages: 6-83 Issue: 2 Volume: 36 Year: 2007 X-DOI: 10.2753/IJP0891-1916360201 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916360201 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:36:y:2007:i:2:p:6-83 Template-Type: ReDIF-Article 1.0 Author-Name: Martin Kronauer Author-X-Name-First: Martin Author-X-Name-Last: Kronauer Title: Introduction Journal: International Journal of Political Economy Pages: 3-9 Issue: 1 Volume: 20 Year: 1990 Month: 3 X-DOI: 10.1080/08911916.1990.11643787 File-URL: http://hdl.handle.net/10.1080/08911916.1990.11643787 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:20:y:1990:i:1:p:3-9 Template-Type: ReDIF-Article 1.0 Author-Name: Elmar Altvater Author-X-Name-First: Elmar Author-X-Name-Last: Altvater Title: The Foundations of Life (Nature) and the Maintenance of Life (Work) Journal: International Journal of Political Economy Pages: 10-34 Issue: 1 Volume: 20 Year: 1990 Month: 3 X-DOI: 10.1080/08911916.1990.11643788 File-URL: http://hdl.handle.net/10.1080/08911916.1990.11643788 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:20:y:1990:i:1:p:10-34 Template-Type: ReDIF-Article 1.0 Author-Name: Hartwig Heine Author-X-Name-First: Hartwig Author-X-Name-Last: Heine Author-Name: Rüdiger Maulz Author-X-Name-First: Rüdiger Author-X-Name-Last: Maulz Title: How Industrial Workers See the Environment Problem Journal: International Journal of Political Economy Pages: 35-50 Issue: 1 Volume: 20 Year: 1990 Month: 3 X-DOI: 10.1080/08911916.1990.11643789 File-URL: http://hdl.handle.net/10.1080/08911916.1990.11643789 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:20:y:1990:i:1:p:35-50 Template-Type: ReDIF-Article 1.0 Author-Name: Ulrich Beck Author-X-Name-First: Ulrich Author-X-Name-Last: Beck Title: On the Way toward an Industrial Society of Risk? Journal: International Journal of Political Economy Pages: 51-69 Issue: 1 Volume: 20 Year: 1990 Month: 3 X-DOI: 10.1080/08911916.1990.11643790 File-URL: http://hdl.handle.net/10.1080/08911916.1990.11643790 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:20:y:1990:i:1:p:51-69 Template-Type: ReDIF-Article 1.0 Author-Name: Daniel Saint-James Author-X-Name-First: Daniel Author-X-Name-Last: Saint-James Title: Nuclear Power and the French Economy Journal: International Journal of Political Economy Pages: 70-98 Issue: 1 Volume: 20 Year: 1990 Month: 3 X-DOI: 10.1080/08911916.1990.11643791 File-URL: http://hdl.handle.net/10.1080/08911916.1990.11643791 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:20:y:1990:i:1:p:70-98 Template-Type: ReDIF-Article 1.0 Author-Name: Paul Mattick Author-X-Name-First: Paul Author-X-Name-Last: Mattick Title: The Romance of Art and Money Journal: International Journal of Political Economy Pages: 3-8 Issue: 2 Volume: 25 Year: 1995 Month: 6 X-DOI: 10.1080/08911916.1995.11643898 File-URL: http://hdl.handle.net/10.1080/08911916.1995.11643898 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:25:y:1995:i:2:p:3-8 Template-Type: ReDIF-Article 1.0 Author-Name: Barbara Paul Author-X-Name-First: Barbara Author-X-Name-Last: Paul Title: “Collecting Is the Noblest of All Passions!†Journal: International Journal of Political Economy Pages: 9-32 Issue: 2 Volume: 25 Year: 1995 Month: 6 X-DOI: 10.1080/08911916.1995.11643899 File-URL: http://hdl.handle.net/10.1080/08911916.1995.11643899 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:25:y:1995:i:2:p:9-32 Template-Type: ReDIF-Article 1.0 Author-Name: Raymonde Moulin Author-X-Name-First: Raymonde Author-X-Name-Last: Moulin Title: The Museum and the Marketplace Journal: International Journal of Political Economy Pages: 33-62 Issue: 2 Volume: 25 Year: 1995 Month: 6 X-DOI: 10.1080/08911916.1995.11643900 File-URL: http://hdl.handle.net/10.1080/08911916.1995.11643900 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:25:y:1995:i:2:p:33-62 Template-Type: ReDIF-Article 1.0 Author-Name: Annie Verger Author-X-Name-First: Annie Author-X-Name-Last: Verger Title: The Art of Evaluating Art Journal: International Journal of Political Economy Pages: 63-99 Issue: 2 Volume: 25 Year: 1995 Month: 6 X-DOI: 10.1080/08911916.1995.11643901 File-URL: http://hdl.handle.net/10.1080/08911916.1995.11643901 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:25:y:1995:i:2:p:63-99 Template-Type: ReDIF-Article 1.0 Author-Name: Paul Ardenne Author-X-Name-First: Paul Author-X-Name-Last: Ardenne Title: The Art Market in the 1980s Journal: International Journal of Political Economy Pages: 100-128 Issue: 2 Volume: 25 Year: 1995 Month: 6 X-DOI: 10.1080/08911916.1995.11643902 File-URL: http://hdl.handle.net/10.1080/08911916.1995.11643902 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:25:y:1995:i:2:p:100-128 Template-Type: ReDIF-Article 1.0 Author-Name: León Bendesky Author-X-Name-First: León Author-X-Name-Last: Bendesky Title: Introduction Journal: International Journal of Political Economy Pages: 3-6 Issue: 2 Volume: 21 Year: 1991 Month: 6 X-DOI: 10.1080/08911916.1991.11643814 File-URL: http://hdl.handle.net/10.1080/08911916.1991.11643814 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:21:y:1991:i:2:p:3-6 Template-Type: ReDIF-Article 1.0 Author-Name: Marcelo GarcÃa Silva Author-X-Name-First: Marcelo GarcÃa Author-X-Name-Last: Silva Title: The United States and the Promotion of Democracy in Latin America Journal: International Journal of Political Economy Pages: 7-25 Issue: 2 Volume: 21 Year: 1991 Month: 6 X-DOI: 10.1080/08911916.1991.11643815 File-URL: http://hdl.handle.net/10.1080/08911916.1991.11643815 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:21:y:1991:i:2:p:7-25 Template-Type: ReDIF-Article 1.0 Author-Name: Laura Madalengoitia Author-X-Name-First: Laura Author-X-Name-Last: Madalengoitia Title: Paradoxes in the Relations between the United States and Perú Journal: International Journal of Political Economy Pages: 26-46 Issue: 2 Volume: 21 Year: 1991 Month: 6 X-DOI: 10.1080/08911916.1991.11643816 File-URL: http://hdl.handle.net/10.1080/08911916.1991.11643816 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:21:y:1991:i:2:p:26-46 Template-Type: ReDIF-Article 1.0 Author-Name: Antonio Gutiérrez Pérez Author-X-Name-First: Antonio Gutiérrez Author-X-Name-Last: Pérez Title: The Financial Power of the United States in the 1980s Journal: International Journal of Political Economy Pages: 47-66 Issue: 2 Volume: 21 Year: 1991 Month: 6 X-DOI: 10.1080/08911916.1991.11643817 File-URL: http://hdl.handle.net/10.1080/08911916.1991.11643817 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:21:y:1991:i:2:p:47-66 Template-Type: ReDIF-Article 1.0 Author-Name: Sergio Aguayo Quezada Author-X-Name-First: Sergio Aguayo Author-X-Name-Last: Quezada Title: México in United States Military Literature, 1949–1988 Journal: International Journal of Political Economy Pages: 67-80 Issue: 2 Volume: 21 Year: 1991 Month: 6 X-DOI: 10.1080/08911916.1991.11643818 File-URL: http://hdl.handle.net/10.1080/08911916.1991.11643818 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:21:y:1991:i:2:p:67-80 Template-Type: ReDIF-Article 1.0 Author-Name: Richard B. Day Author-X-Name-First: Richard B. Author-X-Name-Last: Day Title: Introduction Journal: International Journal of Political Economy Pages: 3-4 Issue: 1 Volume: 24 Year: 1994 Month: 3 X-DOI: 10.1080/08911916.1994.11643873 File-URL: http://hdl.handle.net/10.1080/08911916.1994.11643873 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:24:y:1994:i:1:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Howard J. Sherman Author-X-Name-First: Howard J. Author-X-Name-Last: Sherman Title: Rise and Fall of the Soviet Union Journal: International Journal of Political Economy Pages: 5-18 Issue: 1 Volume: 24 Year: 1994 Month: 3 X-DOI: 10.1080/08911916.1994.11643874 File-URL: http://hdl.handle.net/10.1080/08911916.1994.11643874 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:24:y:1994:i:1:p:5-18 Template-Type: ReDIF-Article 1.0 Author-Name: Yuri Kochevrin Author-X-Name-First: Yuri Author-X-Name-Last: Kochevrin Title: Will There Be Large-Scale Privatization in Russia? Journal: International Journal of Political Economy Pages: 19-33 Issue: 1 Volume: 24 Year: 1994 Month: 3 X-DOI: 10.1080/08911916.1994.11643875 File-URL: http://hdl.handle.net/10.1080/08911916.1994.11643875 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:24:y:1994:i:1:p:19-33 Template-Type: ReDIF-Article 1.0 Author-Name: Peter Murrell Author-X-Name-First: Peter Author-X-Name-Last: Murrell Title: Playing Political Economy Journal: International Journal of Political Economy Pages: 34-51 Issue: 1 Volume: 24 Year: 1994 Month: 3 X-DOI: 10.1080/08911916.1994.11643876 File-URL: http://hdl.handle.net/10.1080/08911916.1994.11643876 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:24:y:1994:i:1:p:34-51 Template-Type: ReDIF-Article 1.0 Author-Name: Vladimir A. Mau Author-X-Name-First: Vladimir A. Author-X-Name-Last: Mau Title: Social and Political Prerequisites and Consequences of Radical Economic Policies in Russia Journal: International Journal of Political Economy Pages: 52-75 Issue: 1 Volume: 24 Year: 1994 Month: 3 X-DOI: 10.1080/08911916.1994.11643877 File-URL: http://hdl.handle.net/10.1080/08911916.1994.11643877 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:24:y:1994:i:1:p:52-75 Template-Type: ReDIF-Article 1.0 Author-Name: DuÅ¡an Pokorný Author-X-Name-First: DuÅ¡an Author-X-Name-Last: Pokorný Title: Economy and Society in Russian Reforms Journal: International Journal of Political Economy Pages: 76-95 Issue: 1 Volume: 24 Year: 1994 Month: 3 X-DOI: 10.1080/08911916.1994.11643878 File-URL: http://hdl.handle.net/10.1080/08911916.1994.11643878 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:24:y:1994:i:1:p:76-95 Template-Type: ReDIF-Article 1.0 Author-Name: Richard B. Day Author-X-Name-First: Richard B. Author-X-Name-Last: Day Title: “Systemic Transformation,†Market Culture, and Political Democracy Journal: International Journal of Political Economy Pages: 96-120 Issue: 1 Volume: 24 Year: 1994 Month: 3 X-DOI: 10.1080/08911916.1994.11643879 File-URL: http://hdl.handle.net/10.1080/08911916.1994.11643879 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:24:y:1994:i:1:p:96-120 Template-Type: ReDIF-Article 1.0 Author-Name: Mario Seccareccia Author-X-Name-First: Mario Author-X-Name-Last: Seccareccia Title: Symposium on “Contemporary Central Banking and Monetary Policy Issuesâ€: Editor’s Note Journal: International Journal of Political Economy Pages: 301-302 Issue: 4 Volume: 48 Year: 2019 Month: 10 X-DOI: 10.1080/08911916.2019.1693161 File-URL: http://hdl.handle.net/10.1080/08911916.2019.1693161 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:48:y:2019:i:4:p:301-302 Template-Type: ReDIF-Article 1.0 Author-Name: Ulrich Bindseil Author-X-Name-First: Ulrich Author-X-Name-Last: Bindseil Title: Central Bank Digital Currency: Financial System Implications and Control Abstract: IT progress and its application to the financial industry have inspired central banks and academics to reflect about the merits of central bank digital currencies (CBDC) accessible to the broad public. This paper first briefly recalls the advantages that have been associated with CBDC and reviews some relevant background from the history of the issuance of different forms of central bank money. It then discusses two key arguments against CBDC, namely (i) risk of structural disintermediation of banks and centralization of the credit allocation process within the central bank and (ii) risk of facilitation systemic runs on banks in crisis situations. The paper proposes as solution a two-tier remuneration of CBDC, as a tested and simple tool to control the quantity of CBDC both in normal and crisis times. It is, however, also acknowledged that controlling the quantity of CBDC is not necessarily sufficient to control its impact on the financial system. Finally, the paper compares the financial account implications of CBDC with the one of crypto assets, stable coins, and narrow bank digital money, noting the similarity and differences in terms of implications on the financial system. It is concluded that well-controlled CBDC seems feasible, without this implying that CBDC would not catalyze change in the financial system. Journal: International Journal of Political Economy Pages: 303-335 Issue: 4 Volume: 48 Year: 2019 Month: 10 X-DOI: 10.1080/08911916.2019.1693160 File-URL: http://hdl.handle.net/10.1080/08911916.2019.1693160 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:48:y:2019:i:4:p:303-335 Template-Type: ReDIF-Article 1.0 Author-Name: Vincent Grossmann-Wirth Author-X-Name-First: Vincent Author-X-Name-Last: Grossmann-Wirth Title: What Monetary Policy Operational Frameworks in the New Financial Environment? A Comparison of the US Fed and the Eurosystem Perspectives, 2007–2019 Abstract: While it is too early to draw any firm conclusions regarding the optimal design of long-term monetary policy operational frameworks, the decision taken by the US Fed in January 2019 to continue operating with ample reserves in a so-called floor(s) system, rather than returning to a pre-crisis-type corridor, provides an interesting case study. Our take-away from comparing the Fed’s and the Eurosystem’s perspectives is that, in some contrast to the apparent simplicity of a floor system, both configurations actually require a close monitoring of the money market, some balance-sheet actions and unavoidable policy choices, in particular regarding the elasticity of liquidity provision. Journal: International Journal of Political Economy Pages: 336-352 Issue: 4 Volume: 48 Year: 2019 Month: 10 X-DOI: 10.1080/08911916.2019.1693162 File-URL: http://hdl.handle.net/10.1080/08911916.2019.1693162 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:48:y:2019:i:4:p:336-352 Template-Type: ReDIF-Article 1.0 Author-Name: Istvan Abel Author-X-Name-First: Istvan Author-X-Name-Last: Abel Author-Name: Kristof Lehmann Author-X-Name-First: Kristof Author-X-Name-Last: Lehmann Title: Real and Monetary Theories of the Interest Rate Abstract: The origin of most mainstream theories about interest rates goes back to Irving Fisher. Fisher’s concept of the equilibrium real rate of interest and the related Wicksellian concepts of “natural†or “neutral†rate are assumed to be essential for inflation-targeting frameworks. It is believed that this assumption explains the widely and confidently held conviction that monetary policy should focus on inflation expectations to keep real interest rates at a stable level to promote savings and investment. We argue that there are several problems with this approach, which relies on the principles of “real analysis†as opposed to the “monetary approach†reflected in the works of Schumpeter and Keynes. Post-Keynesian monetary theory offers a framework corroborated by central bank practices. We use some examples from the experience of the Magyar Nemzeti Bank (the central bank of Hungary) following the global financial crisis that may provide some hints for refocusing contemporary monetary policy and related theories. Journal: International Journal of Political Economy Pages: 353-363 Issue: 4 Volume: 48 Year: 2019 Month: 10 X-DOI: 10.1080/08911916.2019.1693159 File-URL: http://hdl.handle.net/10.1080/08911916.2019.1693159 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:48:y:2019:i:4:p:353-363 Template-Type: ReDIF-Article 1.0 Author-Name: Mario Seccareccia Author-X-Name-First: Mario Author-X-Name-Last: Seccareccia Author-Name: Najib Khan Author-X-Name-First: Najib Author-X-Name-Last: Khan Title: The Illusion of Inflation Targeting: Have Central Banks Figured Out What They Are Actually Doing Since the Global Financial Crisis? An Alternative to the Mainstream Perspective Abstract: Current discussions over the behavior of central banks show that more and more political leaders are demanding that the monetary authorities abandon a single-goal mandate of solely combating inflation. Many are considering a multi-goal commitment that would include not only concern with inflation, as had been the case before the global financial crisis. Central banks should also give due consideration to the problem of unemployment, income distribution and macro-prudential risks in their interest-rate setting. By looking at the experience of fourteen inflation-targeting countries since the global financial crisis, empirical evidence suggests that central banks have shifted significantly their behavior and have shown a high degree of pragmatism in dealing with the aftermath of the financial crisis, by loosening their focus on inflation. Using an alternative post-Keynesian analytical framework, the article then proceeds with an analysis of how central banks can effectively achieve a multi-goal commitment that would include full employment and a more equitable distribution of income in their pursuit of monetary policy. Journal: International Journal of Political Economy Pages: 364-380 Issue: 4 Volume: 48 Year: 2019 Month: 10 X-DOI: 10.1080/08911916.2019.1693164 File-URL: http://hdl.handle.net/10.1080/08911916.2019.1693164 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:48:y:2019:i:4:p:364-380 Template-Type: ReDIF-Article 1.0 Author-Name: Liora Salter Author-X-Name-First: Liora Author-X-Name-Last: Salter Title: Have We Reached the Information Age Yet? Journal: International Journal of Political Economy Pages: 3-25 Issue: 4 Volume: 23 Year: 1993 Month: 12 X-DOI: 10.1080/08911916.1993.11643867 File-URL: http://hdl.handle.net/10.1080/08911916.1993.11643867 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:23:y:1993:i:4:p:3-25 Template-Type: ReDIF-Article 1.0 Author-Name: George Warskett Author-X-Name-First: George Author-X-Name-Last: Warskett Title: Bringing the Market into the World Journal: International Journal of Political Economy Pages: 27-47 Issue: 4 Volume: 23 Year: 1993 Month: 12 X-DOI: 10.1080/08911916.1993.11643868 File-URL: http://hdl.handle.net/10.1080/08911916.1993.11643868 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:23:y:1993:i:4:p:27-47 Template-Type: ReDIF-Article 1.0 Author-Name: Uschi Koebberling Author-X-Name-First: Uschi Author-X-Name-Last: Koebberling Title: The Limits of National Governance Journal: International Journal of Political Economy Pages: 49-82 Issue: 4 Volume: 23 Year: 1993 Month: 12 X-DOI: 10.1080/08911916.1993.11643869 File-URL: http://hdl.handle.net/10.1080/08911916.1993.11643869 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:23:y:1993:i:4:p:49-82 Template-Type: ReDIF-Article 1.0 Author-Name: Robin Mansell Author-X-Name-First: Robin Author-X-Name-Last: Mansell Title: European Telecommunication, Multinational Enterprises, and the Implication of “Globalization†Journal: International Journal of Political Economy Pages: 83-104 Issue: 4 Volume: 23 Year: 1993 Month: 12 X-DOI: 10.1080/08911916.1993.11643870 File-URL: http://hdl.handle.net/10.1080/08911916.1993.11643870 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:23:y:1993:i:4:p:83-104 Template-Type: ReDIF-Article 1.0 Author-Name: Liora Salter Author-X-Name-First: Liora Author-X-Name-Last: Salter Title: The Housework of Capitalism Journal: International Journal of Political Economy Pages: 105-133 Issue: 4 Volume: 23 Year: 1993 Month: 12 X-DOI: 10.1080/08911916.1993.11643871 File-URL: http://hdl.handle.net/10.1080/08911916.1993.11643871 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:23:y:1993:i:4:p:105-133 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Author Index to , Volume 23 (Spring 1993–Winter 1993–94) Journal: International Journal of Political Economy Pages: 134-135 Issue: 4 Volume: 23 Year: 1993 Month: 12 X-DOI: 10.1080/08911916.1993.11643872 File-URL: http://hdl.handle.net/10.1080/08911916.1993.11643872 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:23:y:1993:i:4:p:134-135 Template-Type: ReDIF-Article 1.0 Author-Name: Manuel Ahijado Quintillán Author-X-Name-First: Manuel Ahijado Author-X-Name-Last: Quintillán Author-Name: Rubén Osuna Guerrero Author-X-Name-First: Rubén Osuna Author-X-Name-Last: Guerrero Title: Introduction Journal: International Journal of Political Economy Pages: 3-4 Issue: 2 Volume: 29 Year: 1999 Month: 6 X-DOI: 10.1080/08911916.1999.11643987 File-URL: http://hdl.handle.net/10.1080/08911916.1999.11643987 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:29:y:1999:i:2:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Manuel Ahijado Quintillán Author-X-Name-First: Manuel Ahijado Author-X-Name-Last: Quintillán Author-Name: Rubén Osuna Guerrero Author-X-Name-First: Rubén Osuna Author-X-Name-Last: Guerrero Title: 1. The Idea of Europe Journal: International Journal of Political Economy Pages: 5-48 Issue: 2 Volume: 29 Year: 1999 Month: 6 X-DOI: 10.1080/08911916.1999.11643988 File-URL: http://hdl.handle.net/10.1080/08911916.1999.11643988 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:29:y:1999:i:2:p:5-48 Template-Type: ReDIF-Article 1.0 Author-Name: Manuel Ahijado Quintillán Author-X-Name-First: Manuel Ahijado Author-X-Name-Last: Quintillán Author-Name: Rubén Osuna Guerrero Author-X-Name-First: Rubén Osuna Author-X-Name-Last: Guerrero Title: 2. The Change of System (1989–1999) Journal: International Journal of Political Economy Pages: 49-73 Issue: 2 Volume: 29 Year: 1999 Month: 6 X-DOI: 10.1080/08911916.1999.11643989 File-URL: http://hdl.handle.net/10.1080/08911916.1999.11643989 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:29:y:1999:i:2:p:49-73 Template-Type: ReDIF-Article 1.0 Author-Name: Manuel Ahijado Quintillán Author-X-Name-First: Manuel Ahijado Author-X-Name-Last: Quintillán Author-Name: Rubén Osuna Guerrero Author-X-Name-First: Rubén Osuna Author-X-Name-Last: Guerrero Title: 3. The European Union and Enlargement to the East (1999–2006) Journal: International Journal of Political Economy Pages: 74-104 Issue: 2 Volume: 29 Year: 1999 Month: 6 X-DOI: 10.1080/08911916.1999.11643990 File-URL: http://hdl.handle.net/10.1080/08911916.1999.11643990 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:29:y:1999:i:2:p:74-104 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: References Journal: International Journal of Political Economy Pages: 105-106 Issue: 2 Volume: 29 Year: 1999 Month: 6 X-DOI: 10.1080/08911916.1999.11643991 File-URL: http://hdl.handle.net/10.1080/08911916.1999.11643991 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:29:y:1999:i:2:p:105-106 Template-Type: ReDIF-Article 1.0 Author-Name: Ascension Mejorado Author-X-Name-First: Ascension Author-X-Name-Last: Mejorado Author-Name: Manuel Roman Author-X-Name-First: Manuel Author-X-Name-Last: Roman Title: Profitability and Secular Stagnation: The Missing Link Abstract: In this article, we ascribe the pattern of sluggish real GDP growth rates that several mainstream economists characterized as secular stagnation in the post-1982 period to the depressing effect of low profit expectations on the business sector’s capital accumulation rate. We interpret profit expectations as forward projections of current and past profit trends. Despite major reductions in the wage share of about 80% of all workers, relatively constant profit shares failed to counteract the effect of a declining long-run output-capital trend on business profitability. Such falling trends reflected the structural pressures driving leading firms to expand capital-intensive, labor-saving technology as an effective weapon for waging competitive wars. While this type of technical change raises unit fixed costs, it also increases labor productivity and allows innovators to lower unit variable costs sufficiently to underprice competitors and gain market share at their expense. In our view the downward long-run net output-capital trend provides the structural component linking lower profitability trends with secular stagnation. While credit injections may power effective demand growth and sustain profit rate upturns for some time, debt repayment and defaults reverse the boom and pave the way to financial crisis. Journal: International Journal of Political Economy Pages: 150-166 Issue: 2-3 Volume: 46 Year: 2017 Month: 7 X-DOI: 10.1080/08911916.2017.1383686 File-URL: http://hdl.handle.net/10.1080/08911916.2017.1383686 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:46:y:2017:i:2-3:p:150-166 Template-Type: ReDIF-Article 1.0 Author-Name: Esteban Pérez Caldentey Author-X-Name-First: Esteban Pérez Author-X-Name-Last: Caldentey Title: Quantitative Easing (QE), Changes in Global Liquidity, and Financial Instability Abstract: This article argues that quantitative easing (QE) led to significant changes in the global financial system that are not conducive to greater financial stability. Through a policy of reserve accumulation, QE did not have a direct impact in the creation of global liquidity through bank lending. It rather reinforced the statistical decoupling between base money and the money supply and between deposits and loans. However, QE did have an effect on the composition of global liquidity by altering the relative profitability of investing in different assets and in this way exerted a positive effect on the performance of the international bond market, to which the decline in bank credit due to the deleveraging of global banks in the aftermath of the crisis contributed. The growing role of the international bond market facilitated the expansion of the debt of both the financial sector and the nonfinancial corporate sector in developing economies but also has reinforced the role of the asset management industry in financial markets. Due to its concentration and interconnectedness, illiquidity, and procyclicality, the asset management industry poses important risks to financial stability. Journal: International Journal of Political Economy Pages: 91-112 Issue: 2-3 Volume: 46 Year: 2017 Month: 7 X-DOI: 10.1080/08911916.2017.1383695 File-URL: http://hdl.handle.net/10.1080/08911916.2017.1383695 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:46:y:2017:i:2-3:p:91-112 Template-Type: ReDIF-Article 1.0 Author-Name: Ted P. Schmidt Author-X-Name-First: Ted P. Author-X-Name-Last: Schmidt Title: Financialization of Commodities and the Monetary Transmission Mechanism Abstract: Institutional change and deregulation laid the groundwork for financialization of the U.S. commodity futures markets. Financial innovations allowed investors, through Wall Street banks, to circumvent position limit regulations so that financial traders now dominate futures markets and the price discovery process. As an asset class, prices of commodities now behave like the price of any asset: They are more volatile and subject to periodic bubbles. Financialization of commodity markets suggests the possibility of a more direct transmission mechanism from monetary policy to measured inflation. The Federal Reserve’s policy of Quantitative Easing announced in November 2010 provides an operative example of this mechanism. Journal: International Journal of Political Economy Pages: 128-149 Issue: 2-3 Volume: 46 Year: 2017 Month: 7 X-DOI: 10.1080/08911916.2017.1383699 File-URL: http://hdl.handle.net/10.1080/08911916.2017.1383699 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:46:y:2017:i:2-3:p:128-149 Template-Type: ReDIF-Article 1.0 Author-Name: Devin T. Rafferty Author-X-Name-First: Devin T. Author-X-Name-Last: Rafferty Title: Analyzing the IMF’s “New†Institutional View for Regulating International Capital Flows Using Minsky and Kregel: Do They Finally Get It? Abstract: In the wake of the North Atlantic Financial Crisis, the IMF’s Institutional View noticeably shifted toward a much greater acceptance of capital flow management measures to regulate international capital flows. This raises a host of issues—most importantly, whether its new policy stance is finally consistent with the needs developing economies have for ensuring financial stability. That is the topic examined in this article. To do so, we compare the substance and results of a Minsky-Kregel model of international financial fragility to that of the IMF’s “New†Institutional View. We find that while the IMF has come a long way in its recognition of the efficacy of capital flow management measures, there still remains an even further way to go. Journal: International Journal of Political Economy Pages: 113-127 Issue: 2-3 Volume: 46 Year: 2017 Month: 7 X-DOI: 10.1080/08911916.2017.1385958 File-URL: http://hdl.handle.net/10.1080/08911916.2017.1385958 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:46:y:2017:i:2-3:p:113-127 Template-Type: ReDIF-Article 1.0 Author-Name: Magnus Ryner Author-X-Name-First: Magnus Author-X-Name-Last: Ryner Author-Name: Henk Overbeek Author-X-Name-First: Henk Author-X-Name-Last: Overbeek Author-Name: Otto Holman Author-X-Name-First: Otto Author-X-Name-Last: Holman Title: Guest Editors’ Introduction Journal: International Journal of Political Economy Pages: 3-11 Issue: 1 Volume: 28 Year: 1998 Month: 3 X-DOI: 10.1080/08911916.1998.11643960 File-URL: http://hdl.handle.net/10.1080/08911916.1998.11643960 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:28:y:1998:i:1:p:3-11 Template-Type: ReDIF-Article 1.0 Author-Name: Bastiaan Van Apeldoorn Author-X-Name-First: Bastiaan Author-X-Name-Last: Van Apeldoorn Title: Transnationalization and the Restructuring of Europe’s Socioeconomic Order Journal: International Journal of Political Economy Pages: 12-53 Issue: 1 Volume: 28 Year: 1998 Month: 3 X-DOI: 10.1080/08911916.1998.11643961 File-URL: http://hdl.handle.net/10.1080/08911916.1998.11643961 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:28:y:1998:i:1:p:12-53 Template-Type: ReDIF-Article 1.0 Author-Name: Henk Overbeek Author-X-Name-First: Henk Author-X-Name-Last: Overbeek Title: Global Restructuring and Neoliberal Labor Market Regulation in Europe Journal: International Journal of Political Economy Pages: 54-99 Issue: 1 Volume: 28 Year: 1998 Month: 3 X-DOI: 10.1080/08911916.1998.11643962 File-URL: http://hdl.handle.net/10.1080/08911916.1998.11643962 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:28:y:1998:i:1:p:54-99 Template-Type: ReDIF-Article 1.0 Author-Name: Diego Guerrero Author-X-Name-First: Diego Author-X-Name-Last: Guerrero Title: Introduction Journal: International Journal of Political Economy Pages: 3-12 Issue: 4 Volume: 27 Year: 1997 Month: 12 X-DOI: 10.1080/08911916.1997.11643953 File-URL: http://hdl.handle.net/10.1080/08911916.1997.11643953 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:27:y:1997:i:4:p:3-12 Template-Type: ReDIF-Article 1.0 Author-Name: Diego Guerrero Author-X-Name-First: Diego Author-X-Name-Last: Guerrero Title: Relative Wages and Worker Impoverishment Journal: International Journal of Political Economy Pages: 13-31 Issue: 4 Volume: 27 Year: 1997 Month: 12 X-DOI: 10.1080/08911916.1997.11643954 File-URL: http://hdl.handle.net/10.1080/08911916.1997.11643954 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:27:y:1997:i:4:p:13-31 Template-Type: ReDIF-Article 1.0 Author-Name: Diego Guerrero Author-X-Name-First: Diego Author-X-Name-Last: Guerrero Author-Name: Emilio DÃaz Calleja Author-X-Name-First: Emilio DÃaz Author-X-Name-Last: Calleja Title: The Welfare State and the Distribution of National Income in Spain Since the Transition Journal: International Journal of Political Economy Pages: 32-61 Issue: 4 Volume: 27 Year: 1997 Month: 12 X-DOI: 10.1080/08911916.1997.11643955 File-URL: http://hdl.handle.net/10.1080/08911916.1997.11643955 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:27:y:1997:i:4:p:32-61 Template-Type: ReDIF-Article 1.0 Author-Name: Alejandro Valle Baeza Author-X-Name-First: Alejandro Valle Author-X-Name-Last: Baeza Title: National Differences in Average Wages Journal: International Journal of Political Economy Pages: 62-79 Issue: 4 Volume: 27 Year: 1997 Month: 12 X-DOI: 10.1080/08911916.1997.11643956 File-URL: http://hdl.handle.net/10.1080/08911916.1997.11643956 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:27:y:1997:i:4:p:62-79 Template-Type: ReDIF-Article 1.0 Author-Name: B. Gloria MartÃnez González Author-X-Name-First: B. Gloria MartÃnez Author-X-Name-Last: González Title: The Industrial Relative Wage in Mexico, 1960–1990 Journal: International Journal of Political Economy Pages: 80-95 Issue: 4 Volume: 27 Year: 1997 Month: 12 X-DOI: 10.1080/08911916.1997.11643957 File-URL: http://hdl.handle.net/10.1080/08911916.1997.11643957 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:27:y:1997:i:4:p:80-95 Template-Type: ReDIF-Article 1.0 Author-Name: José Manuel GarcÃa Ãbalos Author-X-Name-First: José Manuel GarcÃa Author-X-Name-Last: Ãbalos Title: Marx’s Theory of Wages Journal: International Journal of Political Economy Pages: 96-114 Issue: 4 Volume: 27 Year: 1997 Month: 12 X-DOI: 10.1080/08911916.1997.11643958 File-URL: http://hdl.handle.net/10.1080/08911916.1997.11643958 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:27:y:1997:i:4:p:96-114 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Author Index to , Volume 27 (Spring 1997–Winter 1997–98) Journal: International Journal of Political Economy Pages: 115-116 Issue: 4 Volume: 27 Year: 1997 Month: 12 X-DOI: 10.1080/08911916.1997.11643959 File-URL: http://hdl.handle.net/10.1080/08911916.1997.11643959 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:27:y:1997:i:4:p:115-116 Template-Type: ReDIF-Article 1.0 Author-Name: Jan Kregel Author-X-Name-First: Jan Author-X-Name-Last: Kregel Title: Mobilizing Domestic Resources Abstract: Are developing countries supply or demand constrained? The former approach has come to dominate the earlier, Keynesian inspired approach. This paper attempts to resurrect the demand-based theories of the development pioneers of the 1950s, suggesting that employment policy should be an integral part of development policy and that an appropriate mobilization of unemployed labor resources through a government employment guarantee or employer of last resort program can provide an efficient and rapid means of meeting many of the United Nations international development goals, including many of the millennium development goals. Journal: International Journal of Political Economy Pages: 39-57 Issue: 3 Volume: 38 Year: 2009 X-DOI: 10.2753/IJP0891-1916380303 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916380303 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:38:y:2009:i:3:p:39-57 Template-Type: ReDIF-Article 1.0 Author-Name: Julio G. Author-X-Name-First: Julio Author-X-Name-Last: G. Title: Mexico's Economic Prospects Reconsidered Abstract: The paper discusses an alternative macroeconomic strategy proposal for Mexico. The author argues that, in the short-run the primary task should be to put to work idle resources, and that a competitive and stable real exchange rate, coupled with supply-side measures that benefit domestic producers, can contribute to make higher domestic production competitive. Speeding-up growth in the near future would make it easier to achieve a high growth rate in the medium- and long run. However, a medium- and long-run growth strategy entails also a careful investment strategy. Last, an economic strategy must consider also measures to redistribute income, because this will not be achieved as a spontaneous consequence of economic growth. Journal: International Journal of Political Economy Pages: 77-93 Issue: 3 Volume: 38 Year: 2009 X-DOI: 10.2753/IJP0891-1916380305 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916380305 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:38:y:2009:i:3:p:77-93 Template-Type: ReDIF-Article 1.0 Author-Name: Ignacy Sachs Author-X-Name-First: Ignacy Author-X-Name-Last: Sachs Title: Revisiting Development in the Twenty-First Century Abstract: An overview of the way in which the idea of development has evolved is followed by the analysis of actual development (and misdevelopment) from 1945 onward, focusing on the golden age of capitalism, the rise and fall of real socialism and the neoliberal counter-reform. Sitting on the ruins of failed paradigms, we are condemned to invent new ones for the twenty-first century, based on the concept of three-win development—social, environmental and economic. Some signposts for a research agenda are outlined with an emphasis on mixed economies with a strong, yet regulated market sector and a significant presence of the developmental state, whose responsibility is bound to increase. The futures of development will also depend on the turn taken by globalization and our capacity to reshape the international system. Development studies ought to be revived by revisiting the history of the development idea and analyzing in a comparative setting the development/misdevelopment paths pursued by different countries. Journal: International Journal of Political Economy Pages: 5-21 Issue: 3 Volume: 38 Year: 2009 X-DOI: 10.2753/IJP0891-1916380301 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916380301 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:38:y:2009:i:3:p:5-21 Template-Type: ReDIF-Article 1.0 Author-Name: Luiz Bresser-Pereira Author-X-Name-First: Luiz Author-X-Name-Last: Bresser-Pereira Author-Name: Paulo Gala Author-X-Name-First: Paulo Author-X-Name-Last: Gala Title: Why Foreign Savings Fail to Cause Growth Abstract: The present paper is a formalization of the critique of the growth with foreign savings strategy that one of its authors has been working on in recent years. Although medium income countries are capital poor, current account deficits (foreign savings), financed either by loans or by foreign direct investments, will not usually increase the rate of capital accumulation or will have little impact on it in so far as current account deficits will be associated with appreciated exchange rates, that artificially increase real wages and salaries and high consumption levels. In consequence, the rate of substitution of foreign savings for domestic savings will be relatively high, and the country gets indebted not to invest and grow but to consume. Only when there are large investment opportunities, stimulated by a sizeable difference between the expected profit rate and the long term interest rate, the marginal propensity to consume will come down enough so that the additional income originating from foreign capital flows will be used for investment rather than for consumption. In this special case, the rate of substitution of foreign for domestic savings tend to be small and foreign savings will contribute positively to growth. Journal: International Journal of Political Economy Pages: 58-76 Issue: 3 Volume: 38 Year: 2009 X-DOI: 10.2753/IJP0891-1916380304 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916380304 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:38:y:2009:i:3:p:58-76 Template-Type: ReDIF-Article 1.0 Author-Name: Mario Seccareccia Author-X-Name-First: Mario Author-X-Name-Last: Seccareccia Title: Editor's Introduction Abstract: Journal: International Journal of Political Economy Pages: 3-4 Issue: 3 Volume: 38 Year: 2009 X-DOI: 10.2753/IJP0891-1916380300 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916380300 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:38:y:2009:i:3:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Eric Berr Author-X-Name-First: Eric Author-X-Name-Last: Berr Title: Keynes and Sustainable Development Abstract: Since the beginning of the 1970s, questions related to ecology have reached the forefront of policy discourse and progressively led to the adoption of the concept of sustainable development, which now appears to be a new worldwide objective. We argue that numerous writings of Keynes contain the premises of such a sustainable development. Indeed, Keynes's positions on uncertainty, money, the place of economics, arts, philosophy, etc. are consistent with a strong sustainability based approach. Finally, we try to offer some insights for an indispensable twenty-first-century post Keynesian sustainable development program. Journal: International Journal of Political Economy Pages: 22-38 Issue: 3 Volume: 38 Year: 2009 X-DOI: 10.2753/IJP0891-1916380302 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916380302 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:38:y:2009:i:3:p:22-38 Template-Type: ReDIF-Article 1.0 Author-Name: KAE H. CHUNG Author-X-Name-First: KAE H. Author-X-Name-Last: CHUNG Title: Business Groups in Japan and Korea: Theoretical Boundaries and Future Direction Abstract: Journal: International Journal of Political Economy Pages: 67-98 Issue: 3 Volume: 34 Year: 2004 X-DOI: 10.1080/08911916.2004.11042925 File-URL: http://hdl.handle.net/10.1080/08911916.2004.11042925 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:34:y:2004:i:3:p:67-98 Template-Type: ReDIF-Article 1.0 Author-Name: JEAN-GUY LORANGER Author-X-Name-First: JEAN-GUY Author-X-Name-Last: LORANGER Title: Comments: The "Transformation Problem": Wage Form, Numéraire, and Value Transfer Abstract: Journal: International Journal of Political Economy Pages: 59-62 Issue: 3 Volume: 34 Year: 2004 X-DOI: 10.1080/08911916.2004.11042926 File-URL: http://hdl.handle.net/10.1080/08911916.2004.11042926 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:34:y:2004:i:3:p:59-62 Template-Type: ReDIF-Article 1.0 Author-Name: LINO SAU Author-X-Name-First: LINO Author-X-Name-Last: SAU Title: The Financial Fragility of the Emerging Countries and the Role of International Lender of Last Resort Abstract: Journal: International Journal of Political Economy Pages: 3-19 Issue: 3 Volume: 34 Year: 2004 X-DOI: 10.1080/08911916.2004.11042927 File-URL: http://hdl.handle.net/10.1080/08911916.2004.11042927 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:34:y:2004:i:3:p:3-19 Template-Type: ReDIF-Article 1.0 Author-Name: JØRGEN SANDEMOSE Author-X-Name-First: JØRGEN Author-X-Name-Last: SANDEMOSE Title: The "Transformation Problem": Wage Form, Numéraire, and Value Transfer Abstract: Journal: International Journal of Political Economy Pages: 41-58 Issue: 3 Volume: 34 Year: 2004 X-DOI: 10.1080/08911916.2004.11042928 File-URL: http://hdl.handle.net/10.1080/08911916.2004.11042928 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:34:y:2004:i:3:p:41-58 Template-Type: ReDIF-Article 1.0 Author-Name: JØRGEN SANDEMOSE Author-X-Name-First: JØRGEN Author-X-Name-Last: SANDEMOSE Title: On Phantasms: Reply to Jean-Guy Loranger Abstract: Journal: International Journal of Political Economy Pages: 63-66 Issue: 3 Volume: 34 Year: 2004 X-DOI: 10.1080/08911916.2004.11042929 File-URL: http://hdl.handle.net/10.1080/08911916.2004.11042929 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:34:y:2004:i:3:p:63-66 Template-Type: ReDIF-Article 1.0 Author-Name: JOHN MARANGOS Author-X-Name-First: JOHN Author-X-Name-Last: MARANGOS Title: Social Dividend Versus Basic Income Guarantee in Market Socialism Abstract: Journal: International Journal of Political Economy Pages: 20-40 Issue: 3 Volume: 34 Year: 2004 X-DOI: 10.1080/08911916.2004.11042930 File-URL: http://hdl.handle.net/10.1080/08911916.2004.11042930 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:34:y:2004:i:3:p:20-40 Template-Type: ReDIF-Article 1.0 Author-Name: André Mommen Author-X-Name-First: André Author-X-Name-Last: Mommen Author-Name: Andrey S. Makarychev Author-X-Name-First: Andrey S. Author-X-Name-Last: Makarychev Title: Guest Editors’ Introduction Journal: International Journal of Political Economy Pages: 3-20 Issue: 3 Volume: 30 Year: 2000 Month: 9 X-DOI: 10.1080/08911916.2000.11644013 File-URL: http://hdl.handle.net/10.1080/08911916.2000.11644013 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:30:y:2000:i:3:p:3-20 Template-Type: ReDIF-Article 1.0 Author-Name: Vasiliy Valuev Author-X-Name-First: Vasiliy Author-X-Name-Last: Valuev Title: Globalization through Regionalization Journal: International Journal of Political Economy Pages: 21-43 Issue: 3 Volume: 30 Year: 2000 Month: 9 X-DOI: 10.1080/08911916.2000.11644014 File-URL: http://hdl.handle.net/10.1080/08911916.2000.11644014 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:30:y:2000:i:3:p:21-43 Template-Type: ReDIF-Article 1.0 Author-Name: Andrey S. Makarychev Author-X-Name-First: Andrey S. Author-X-Name-Last: Makarychev Title: Russian Financial-Industrial Groups and the Regions Journal: International Journal of Political Economy Pages: 44-57 Issue: 3 Volume: 30 Year: 2000 Month: 9 X-DOI: 10.1080/08911916.2000.11644015 File-URL: http://hdl.handle.net/10.1080/08911916.2000.11644015 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:30:y:2000:i:3:p:44-57 Template-Type: ReDIF-Article 1.0 Author-Name: Alexander Sergounin Author-X-Name-First: Alexander Author-X-Name-Last: Sergounin Title: The Rise of Transregionalism in Russia Journal: International Journal of Political Economy Pages: 58-80 Issue: 3 Volume: 30 Year: 2000 Month: 9 X-DOI: 10.1080/08911916.2000.11644016 File-URL: http://hdl.handle.net/10.1080/08911916.2000.11644016 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:30:y:2000:i:3:p:58-80 Template-Type: ReDIF-Article 1.0 Author-Name: Viktor Kowalev Author-X-Name-First: Viktor Author-X-Name-Last: Kowalev Title: Power and Ethnicity in the Finno-Ugric Republics of the Russian Federation Journal: International Journal of Political Economy Pages: 81-100 Issue: 3 Volume: 30 Year: 2000 Month: 9 X-DOI: 10.1080/08911916.2000.11644017 File-URL: http://hdl.handle.net/10.1080/08911916.2000.11644017 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:30:y:2000:i:3:p:81-100 Template-Type: ReDIF-Article 1.0 Author-Name: Mario Seccareccia Author-X-Name-First: Mario Author-X-Name-Last: Seccareccia Title: Understanding Financialization: History, Theory, and Institutional Analysis Abstract: Journal: International Journal of Political Economy Pages: 3-4 Issue: 4 Volume: 42 Year: 2013 X-DOI: 10.2753/IJP0891-1916420400 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916420400 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:42:y:2013:i:4:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Alessandro Vercelli Author-X-Name-First: Alessandro Author-X-Name-Last: Vercelli Title: Financialization in a Long-Run Perspective Abstract: This paper argues that there is a secular tendency toward financialization that is intrinsic in the development of market relations. The driving force of this evolutionary process is rooted in a fairly continuous flow of financial innovations meant to remove the existing constraints to the flexibility of economic transactions. For example, according to received wisdom, the adoption of money as a medium of exchange has removed the strictures of the double coincidence of wants, while the modern forms of credit have been developed to relax the cash-in-advance constraint on economic transactions. As these examples suggest, financial innovations aim to extend the set of exchange options in time, space, and contents for the decision makers who introduce them. Financial innovations are adopted because, ceteris paribus, a larger option set is positively correlated with higher expected returns and pay-off opportunities. Their systemic effects, however, may have negative implications such as financial instability, underinvestment in the real sector, unemployment, and stagnation. When the negative consequences accumulate beyond a tolerable threshold, the remedy has to be sought in stricter rules of self-regulation, or rather of regulation by law, or even in severe measures of financial repression. The fact that this has not happened since the recent deep crisis has further enhanced the unsustainability of the current process of financialization. Journal: International Journal of Political Economy Pages: 19-46 Issue: 4 Volume: 42 Year: 2013 X-DOI: 10.2753/IJP0891-1916420402 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916420402 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:42:y:2013:i:4:p:19-46 Template-Type: ReDIF-Article 1.0 Author-Name: Jo Michell Author-X-Name-First: Jo Author-X-Name-Last: Michell Author-Name: Jan Toporowski Author-X-Name-First: Jan Author-X-Name-Last: Toporowski Title: Critical Observations on Financialization and the Financial Process Abstract: The term "financialization" is a recognition that finance has come to play a key role on the modern capitalist economy. But users of the term do not agree on its meaning and recognition of the growing scale of finance has not brought about an increased understanding of financial processes. The paper examines the reasons for increased turnover in financial markets. The main themes in the literature on financialization are examined and shown to lack a coherent account of financial processes that goes beyond the evidence of financial activity. Journal: International Journal of Political Economy Pages: 67-82 Issue: 4 Volume: 42 Year: 2013 X-DOI: 10.2753/IJP0891-1916420404 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916420404 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:42:y:2013:i:4:p:67-82 Template-Type: ReDIF-Article 1.0 Author-Name: Noemi Levy-Orlik Author-X-Name-First: Noemi Author-X-Name-Last: Levy-Orlik Title: Financialization and Economic Growth in Developing Countries Abstract: The impact of financialization in developing economies that have weak capital markets is explained in terms of external capital mobility that, instead of increasing financial debt and unfolding financial crisis, changed the structure of the productive sector. Exports became the main engine of economic growth, displacing fixed investment without being able to achieve external current account balances. Under these conditions, developing countries remained dependent on external capital flows, which reduced their ability to generate stable economic growth, keeping wages below those of international competitors and financial returns above international averages. It followed that internal markets dried up, labor's share of total income fell, and crises were the result of external capital outflows that were triggered by exogenous changes (higher interest rates in developed countries). Journal: International Journal of Political Economy Pages: 108-127 Issue: 4 Volume: 42 Year: 2013 X-DOI: 10.2753/IJP0891-1916420406 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916420406 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:42:y:2013:i:4:p:108-127 Template-Type: ReDIF-Article 1.0 Author-Name: Malcolm Sawyer Author-X-Name-First: Malcolm Author-X-Name-Last: Sawyer Title: What Is Financialization? Abstract: The paper seeks to distinguish between two broad perspectives on financialization. The first takes the view that financialization relates to the growth of the financial sector in its operations, power, etc. On that basis, financialization has been proceeding with ups and downs for possibly thousands of years. The specific forms financialization may have taken in the past few decades are outlined. The findings from mainstream economics literature on one aspect of financialization (growth of bank deposits, growth of stock markets) and economic growth are reviewed. The second perspective views financialization (financialized capitalism) as a stage or epoch of capitalism dating from circa 1980. Journal: International Journal of Political Economy Pages: 5-18 Issue: 4 Volume: 42 Year: 2013 X-DOI: 10.2753/IJP0891-1916420401 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916420401 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:42:y:2013:i:4:p:5-18 Template-Type: ReDIF-Article 1.0 Author-Name: Ben Fine Author-X-Name-First: Ben Author-X-Name-Last: Fine Title: Financialization from a Marxist Perspective Abstract: Within the framework of Marxist political economy, financialization is understood through the prisms of logical, theoretical, and historical perspectives. It is defined in terms of the increasing presence of interest bearing capital, as distinct from credit as such, the role this plays in real as opposed to fictitious accumulation of capital, and how this has underpinned the period of neoliberalism, including the global crisis. Financialization is seen as the expansion of interest bearing capital in intensive and extensive forms. The first is notable in terms of the growth and proliferation of financial assets themselves with increasingly distant attachments to production and exchange of commodities themselves, and the second involves the extension of interest bearing capital to new areas of economic and social life in hybrid forms with other types of capital. An appendix draws out the differences between the approach taken herein and the approach on financialization taken by Costas Lapavitsas. Journal: International Journal of Political Economy Pages: 47-66 Issue: 4 Volume: 42 Year: 2013 X-DOI: 10.2753/IJP0891-1916420403 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916420403 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:42:y:2013:i:4:p:47-66 Template-Type: ReDIF-Article 1.0 Author-Name: Bruno Bonizzi Author-X-Name-First: Bruno Author-X-Name-Last: Bonizzi Title: Financialization in Developing and Emerging Countries Abstract: This article attempts to summarize the growing literature on "financialization" in developing and emerging countries. This includes the different theoretical and empirical works that have explicitly referred to the increasing role of finance in such countries as financialization, as well as the recent developments in non-conventional approaches to finance and development. The article covers the main theoretical approaches that have been used to explain the phenomenon, trying to set out what the specific characteristics of the role of finance are in such countries. It then presents an overview of the key empirical facts associated with Financialization that have come out of such literatures with respect to both the changing role of the domestic financial sector and the impact of external factors, with particular reference to capital account openness. Journal: International Journal of Political Economy Pages: 83-107 Issue: 4 Volume: 42 Year: 2013 X-DOI: 10.2753/IJP0891-1916420405 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916420405 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:42:y:2013:i:4:p:83-107 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Author Index to Abstract: Journal: International Journal of Political Economy Pages: 128-129 Issue: 4 Volume: 42 Year: 2013 X-DOI: 10.1080/08911916.2013.11043113 File-URL: http://hdl.handle.net/10.1080/08911916.2013.11043113 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:42:y:2013:i:4:p:128-129 Template-Type: ReDIF-Article 1.0 Author-Name: Mario Seccareccia Author-X-Name-First: Mario Author-X-Name-Last: Seccareccia Title: Editor’s Note Journal: International Journal of Political Economy Pages: 1-1 Issue: 1 Volume: 45 Year: 2016 Month: 1 X-DOI: 10.1080/08911916.2016.1159078 File-URL: http://hdl.handle.net/10.1080/08911916.2016.1159078 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:45:y:2016:i:1:p:1-1 Template-Type: ReDIF-Article 1.0 Author-Name: Alain Parguez Author-X-Name-First: Alain Author-X-Name-Last: Parguez Title: Economic Theories of Social Order and the Origins of the Euro Abstract: This paper explores how the Euro project became a reality as a result of conflicting political and economic forces. The idea was born in the interwar period in France, among a circle of Traditionalist elites and conservative intellectuals, politicians, and businessmen. They dreamed of restoring an allegedly genuine social order that would guarantee social stability and the rule of reason against what they considered to be the abomination of the American lawless society. Since then, the Euro project has never ceased to reflect such conservative and inherently anti-Keynesian impulses, which are now perfectly expressed in the Stability and Growth Pact. But if the design of European integration was inspired by a desire for an “ordered society,†it resulted in generalized instability, as we witness today. This paradox is at the root of the inability of European elites to understand the causes of the euro’s crisis and of their stubborn reliance on the same deadly provisions that contradict their intentions of strengthening Europe, in what appears increasingly to be a collective denial of reality. Journal: International Journal of Political Economy Pages: 2-16 Issue: 1 Volume: 45 Year: 2016 Month: 1 X-DOI: 10.1080/08911916.2016.1159079 File-URL: http://hdl.handle.net/10.1080/08911916.2016.1159079 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:45:y:2016:i:1:p:2-16 Template-Type: ReDIF-Article 1.0 Author-Name: Joseph Halevi Author-X-Name-First: Joseph Author-X-Name-Last: Halevi Title: France as the Epicenter of Austerity: Sympathetic Thoughts About Parguez’s Contribution on the Origins and Nature of the Euro Abstract: This paper outlines the way in which during the Mitterrand years the French Socialist technocratic elites built up the institutional framework of austerity centered on competitive disinflation. It then argues that the French template was absorbed by the European Monetary Union in 1999, thereby enshrining wage deflation as the glue holding the Eurozone together. The paper ends by listing the gains that the French ruling elites hoped to obtain from such a Europe-wide “austerian†framework. It also stresses the toxic social and political damages resulting from those policies. Journal: International Journal of Political Economy Pages: 17-24 Issue: 1 Volume: 45 Year: 2016 Month: 1 X-DOI: 10.1080/08911916.2016.1159080 File-URL: http://hdl.handle.net/10.1080/08911916.2016.1159080 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:45:y:2016:i:1:p:17-24 Template-Type: ReDIF-Article 1.0 Author-Name: Bertrand de Largentaye Author-X-Name-First: Bertrand Author-X-Name-Last: de Largentaye Title: Some Critical Remarks on Alain Parguez’s “Economic Theories of Social Order and the Origins of the Euro†Abstract: This article focuses on the developments following World War II that led to the creation of the single currency. It will point out how the initial diverging political and economic positions of France and Germany gradually moved toward a degree of convergence. After the death of President Pompidou, France discarded the approach stressing national sovereignty in monetary affairs that had been a feature of Gaullist foreign policy. After the fall of the Berlin Wall, Germany found that the single currency was not just the natural adjunct of the single market, which, at the time, had been the main argument used to sponsor it: the single currency appeared as a way of anchoring Germany’s future to Europe and thus was instrumental in getting Germany’s European partners, beginning with France, to endorse German reunification. The article examines how monetary union became divorced from the economic union that was supposed to accompany it. It looks at the way the monetary union has led to the adoption of deflationary policies in a number of European countries, and how this could be its death knell. Journal: International Journal of Political Economy Pages: 25-32 Issue: 1 Volume: 45 Year: 2016 Month: 1 X-DOI: 10.1080/08911916.2016.1159081 File-URL: http://hdl.handle.net/10.1080/08911916.2016.1159081 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:45:y:2016:i:1:p:25-32 Template-Type: ReDIF-Article 1.0 Author-Name: Jesper Jespersen Author-X-Name-First: Jesper Author-X-Name-Last: Jespersen Title: The Euro Abstract: Alain Parguez is right when he claims that the “euro†is a political failure and an economic disaster, in which French politicians and economists seem to have played a significant role. France’s elite envisaged being a dominant political power on the Continent after the two military defeats of Germany in 1918 and 1945. The two strategies the elite tried were very different, but they both failed. A heavy war indemnity in 1919 and the common European currency in 1990 were seen by the French elite as instruments to suppress Germany’s potential economic (and political) superiority. The French economic elite, represented by F. Perroux and Jacques Rueff, supported the elite’s aspiration of being the leading power within a united Europe by academic arguments. The academic support for the Mitterrand government’s European Union (EU) policy was organized by the former economics and finance minister (and later president of the European Commission), Jacques Delors. He headed the Committee for the Study of Economic and Monetary Union, which unanimously recommended a common European currency “to the benefit of European prosperity.†According to Parguez, the resulting common currency created at a French initiative is the prime reason for the present European economic defeat, which has frustrated the French aspiration to play a leading role as primus inter pares on the Continent. This is so because the rules we are bound to follow make no economic sense for Europe as a whole, which is collectively denied by the European elites. This short commentary discusses whether the economic profession not only in France, but in general, is incompetent, ideologically biased, or simply a “rent seeking†profession. Journal: International Journal of Political Economy Pages: 33-39 Issue: 1 Volume: 45 Year: 2016 Month: 1 X-DOI: 10.1080/08911916.2016.1159082 File-URL: http://hdl.handle.net/10.1080/08911916.2016.1159082 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:45:y:2016:i:1:p:33-39 Template-Type: ReDIF-Article 1.0 Author-Name: Servaas Storm Author-X-Name-First: Servaas Author-X-Name-Last: Storm Author-Name: C.W.M. Naastepad Author-X-Name-First: C.W.M. Author-X-Name-Last: Naastepad Title: Myths, Mix-ups, and Mishandlings: Understanding the Eurozone Crisis Abstract: The Eurozone crisis has been wrongly interpreted as either a crisis of fiscal profligacy or of deteriorating unit-labor cost competitiveness (caused by rigid labor markets), or a combination of both. Based on these diagnoses, crisis countries have been treated with the bitter medicines of fiscal austerity, wage reductions, and labor market deregulation—all in the expectation that these would restore cost competitiveness and revive growth (through exports), while at the same time allowing for fiscal consolidation and private debt deleveraging. The medicines did not work and almost killed the patients. The problem lies with the diagnoses: the real cause of the crisis resides in unsustainable private sector debt leverage, which was aided and abetted by the liberalization of European financial markets and a “global banking glut.†Journal: International Journal of Political Economy Pages: 46-71 Issue: 1 Volume: 45 Year: 2016 Month: 1 X-DOI: 10.1080/08911916.2016.1159084 File-URL: http://hdl.handle.net/10.1080/08911916.2016.1159084 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:45:y:2016:i:1:p:46-71 Template-Type: ReDIF-Article 1.0 Author-Name: Sergio Rossi Author-X-Name-First: Sergio Author-X-Name-Last: Rossi Title: The Euro Must Be Abandoned to Achieve European Monetary Integration Abstract: This article explains why the euro has to be abandoned in order to integrate the euro-area member countries monetarily. It first recalls the negative consequences of the adoption of a single European currency by a number of countries whose economies are still too different on structural grounds to support the financial constraints elicited by the fiscal and monetary policy straightjacket. It thus points out the lack of fiscal transfers between these countries and the dogmatic attitude of the ECB regarding its own policy strategy and objectives, both of which affect the (un)employment level as well as the degree of financial (in)stability across the euro area. The article then suggests a way out of this area for those countries whose population cannot support the burden imposed by austerity policies with no foreseeable positive effect for the large majority of the people. It thus proposes the reintroduction of national currencies in these countries, for which the euro will still be available but as a mere supranational currency used by their national central banks only, in order for them to settle international trade and financial-market transactions carried out by residents in their countries. This monetary–structural reform will increase financial stability and employment levels across Europe, thereby also inducing positive effects for public finance. Journal: International Journal of Political Economy Pages: 72-84 Issue: 1 Volume: 45 Year: 2016 Month: 1 X-DOI: 10.1080/08911916.2016.1159086 File-URL: http://hdl.handle.net/10.1080/08911916.2016.1159086 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:45:y:2016:i:1:p:72-84 Template-Type: ReDIF-Article 1.0 Author-Name: Alain Parguez Author-X-Name-First: Alain Author-X-Name-Last: Parguez Title: Did Agatha Christie Discover Who the Murderer Was? Abstract: In this reply, I strove first to emphasize the main questions raised by my three discussants and then to point why I very much agree with them. All have raised fundamental problems. First, Joseph Halevi explains why the project of a European monetary union could only have been born in France within the ruling class of state technocrats. I think that his definition of France as the last country with state monopoly capitalism is very appropriate. Secondly, I learned a lot from the very thorough historical analysis of Bertrand de Largentaye. I sought to explain why the Euro order architects were much more anti-Keynesian than anti-Marxist. Finally, Jesper Jespersen sustains my comments on the key role of the French ruling economics profession in shaping a system embodying limitless austerity and the dream of domination. All agree on the complete failure of the project. Journal: International Journal of Political Economy Pages: 40-45 Issue: 1 Volume: 45 Year: 2016 Month: 1 X-DOI: 10.1080/08911916.2016.1161329 File-URL: http://hdl.handle.net/10.1080/08911916.2016.1161329 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:45:y:2016:i:1:p:40-45 Template-Type: ReDIF-Article 1.0 Author-Name: Felipe de Rezende Author-X-Name-First: Felipe Author-X-Name-Last: de Rezende Title: The Structure and the Evolution of the U.S. Financial System, 1945-1986 Abstract: The New Deal regulatory policies and institutions redesigned the U.S. financial structure and implicitly required the coordination between monetary policy and the regulatory framework; in that financial structure the Federal Reserve provided the reserves. The interest policy implicitly required the calibration and coordination of deposit ceiling rates and the prevailing market rate set by the Fed. However, the Treasury-Federal Reserve Accord of 1951 effectively dismantled the necessary coordination between monetary policy and the banking regulatory framework. The combination of interest rate differentials and reliance on markets as a liquidity provider triggered the creation of new financial instruments and institutions that changed the structure of the U.S. banking system. This policy encouraged the development of a financial system in which financial institutions seek to escape regulations. For instance, nonbank financial institutions escaped regulations and entered into the banking business model, getting both market share and profits of the regulated banking system. The New Deal constraints combined with innovation and competition between regulated and unregulated banks encouraged the emergence of shadow banks, as the latter were not subject to constraints. Journal: International Journal of Political Economy Pages: 21-44 Issue: 2 Volume: 40 Year: 2011 X-DOI: 10.2753/IJP0891-1916400202 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916400202 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:40:y:2011:i:2:p:21-44 Template-Type: ReDIF-Article 1.0 Author-Name: Edoardo Gaffeo Author-X-Name-First: Edoardo Author-X-Name-Last: Gaffeo Author-Name: Roberto Tamborini Author-X-Name-First: Roberto Author-X-Name-Last: Tamborini Title: If the Financial System Is Complex, How Can We Regulate It? Abstract: The great financial crisis that erupted in 2007 has shaken not only the world economy but also the so-called mainstream of economics. As a major corollary, the issue of how financial markets are or should be regulated is in the eye of the storm. In this article, we discuss a new approach to economic analysis that is gradually emerging from the current debate, that of complexity, which is gaining ground especially in finance, particularly in the field of network analysis. We discuss the relationship between economic complexity and economic policy from the perspective of the search for new regulatory tools of financial systems. Our main point is that the complexity approach to financial markets by way of network analysis may represent a major stride in our understanding of these systems but also that we should be aware that this approach poses formidable challenges to policy design. Journal: International Journal of Political Economy Pages: 79-97 Issue: 2 Volume: 40 Year: 2011 X-DOI: 10.2753/IJP0891-1916400205 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916400205 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:40:y:2011:i:2:p:79-97 Template-Type: ReDIF-Article 1.0 Author-Name: Sergio Rossi Author-X-Name-First: Sergio Author-X-Name-Last: Rossi Title: Can It Happen Again? Abstract: I elaborate on the structural causes of the global systemic crisis of 2007-9 to show that its ultimate origins lie in the still defective bookkeeping structure of national and international payment systems. As monetary circuit theory shows, banks are special, insofar as they can grant loans without the need to dispose of preexistent bank deposits. When the loans-generate-deposits causal chain occurs on the factor market, for firms to pay the wage bill, the money-output relation is not affected by banks' intermediation. This relation is modified when banks exploit the loans-generate-deposits mechanism for any financial market transactions, whether for their clients or for their own sake. Financial liberalization and deregulation pushed banks to compete with nonbank financial institutions, for them to retain their market share, reducing both their markup on monetary policy rates of interest and the credit standard they used to apply to firms as well as households. In that process, banks have, therefore, become "financial supermarkets," engaged first and foremost in investment banking, which is a misnomer, because, in fact, it has nothing to do with investment properly speaking: it is speculation on "global" financial markets, which are indeed far from providing any support to productive investment within the economic system. Journal: International Journal of Political Economy Pages: 61-78 Issue: 2 Volume: 40 Year: 2011 X-DOI: 10.2753/IJP0891-1916400204 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916400204 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:40:y:2011:i:2:p:61-78 Template-Type: ReDIF-Article 1.0 Author-Name: L. Wray Author-X-Name-First: L. Author-X-Name-Last: Wray Title: Minsky's Money Manager Capitalism and the Global Financial Crisis Abstract: The world's worst economic crisis since the 1930s is now well into its fourth year. Minsky's work has enjoyed unprecedented interest, with many calling this a "Minsky moment" or "Minsky crisis" and locating the beginnings of the crisis in the 2000s. I argue that we should not view this as a "moment" that can be traced to recent developments. Rather, we have seen a slow realignment of the global financial system toward what Minsky called "money manager capitalism"—something like a return to prewar "finance capitalism" analyzed by Rudolf Hilferding, Thorstein Veblen, and John Maynard Keynes—and later by John Kenneth Galbraith. Getting out of this crisis will require radical policy changes no less significant than those adopted in the New Deal. Journal: International Journal of Political Economy Pages: 5-20 Issue: 2 Volume: 40 Year: 2011 X-DOI: 10.2753/IJP0891-1916400201 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916400201 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:40:y:2011:i:2:p:5-20 Template-Type: ReDIF-Article 1.0 Author-Name: Mario Seccareccia Author-X-Name-First: Mario Author-X-Name-Last: Seccareccia Title: Editor's Introduction Abstract: Journal: International Journal of Political Economy Pages: 3-4 Issue: 2 Volume: 40 Year: 2011 X-DOI: 10.2753/IJP0891-1916400200 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916400200 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:40:y:2011:i:2:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Domenica Tropeano Author-X-Name-First: Domenica Author-X-Name-Last: Tropeano Title: Financial Regulation After the Crisis Abstract: I critically discuss the main points in the financial reform legislation passed in the United States in 2010, with the adoption of the Dodd-Frank Act, and the planned reform proposals that are currently being drafted and discussed in the European Union. The general philosophy behind both reforms is similar. The inspiring idea is that financial innovation must be encouraged because it increases consumers' welfare and, by summing across all individuals, the whole of society's welfare. All the effort is concentrated in redesigning the regulatory and supervisory tools to deal with the whole range of new products and to be able to more accurately measure the risks arising from them than was done in the past. Once banks are ready to face those new risks, financial stability should follow. No structural measures aimed at changing the structure of financial markets or changing the business strategies of banking and nonbanking firms have been considered. The shadow banking system has not been explicitly addressed in the financial reform. Curiously enough, in the United States, regulators have succeeded in including a watered-down version of the Volcker rule in the approved reform, even though banks' share of the financial system's total activities is falling. On the contrary, in Europe, where banks are less disintermediated and have managed to reach leverage ratios higher than in the United States, no effort is planned to change their business strategy and to lower their leveragse. Journal: International Journal of Political Economy Pages: 45-60 Issue: 2 Volume: 40 Year: 2011 X-DOI: 10.2753/IJP0891-1916400203 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916400203 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:40:y:2011:i:2:p:45-60 Template-Type: ReDIF-Article 1.0 Author-Name: Gérard Duménil Author-X-Name-First: Gérard Author-X-Name-Last: Duménil Author-Name: Dominique Lévy Author-X-Name-First: Dominique Author-X-Name-Last: Lévy Title: Neoliberal Managerial Capitalism Abstract: The paper first documents income and wealth inequalities since World War I in the United States, a pattern in three stages, with a reduction of inequality since the Great Depression from the high predepression levels, stagnation at diminished levels up to 1980, and a dramatic restoration in neoliberalism. Underlying these three phases, we show the continuous transformation of the composition of the income of the top 1 percent to the benefit of “wages,†testifying to the progress of the managerial aspect of production relations. These trends manifest the ongoing transition toward managerialism, a postcapitalist mode of production with managers as upper class. In the hybrid social formation of managerial capitalism, a tripolar class pattern prevails, namely, capitalists, managers, and popular classes. The three subperiods are interpreted in relation to the configuration (in social orders) of class dominations and alliances, in the first financial hegemony (domination of capitalist classes in alliance with managers, to the right), the postdepression and postwar compromise (alliance between managers and popular classes, to the left), and the second financial hegemony in neoliberalism (alliance between capitalists and managers, to the right). The work of econophysicists allows for an endogenous determination of class patterns and confirms the new traits of neoliberalism. Journal: International Journal of Political Economy Pages: 71-89 Issue: 2 Volume: 44 Year: 2015 Month: 4 X-DOI: 10.1080/08911916.2015.1060823 File-URL: http://hdl.handle.net/10.1080/08911916.2015.1060823 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:44:y:2015:i:2:p:71-89 Template-Type: ReDIF-Article 1.0 Author-Name: William Lazonick Author-X-Name-First: William Author-X-Name-Last: Lazonick Title: When Managerial Capitalism Embraced Shareholder-Value Ideology Abstract: Gérard Duménil and Dominique Lévy state that, in analyzing the forces underlying the Piketty et al. data on U.S. income distribution, their paper will shed “new light … on the historical transformation of U.S. capitalism and the most recent trends in neoliberalism, the new phase into which capitalism entered in the 1970s or 1980s.†Based on my own research, however, the Duménil and Lévy analysis suffers from a deficient understanding of (a) when, how, and in whose interests managerial capitalism took root in the first half of the twentieth century; (b) the reasons for the growing importance of the “salaries†component in the incomes of corporate executives who occupy positions in the highest-income fractiles in the Piketty et al. data set; and (c) the particular neoliberal ideology, known as “maximizing shareholder value†(MSV), that has legitimized a mode of corporate resource allocation that since the mid-1980s has been integral to both the explosion of executive pay and the erosion of the American middle class. In my view, a comprehension of these issues is of utmost importance for explaining the sources of income inequality in the world’s largest national economy in the twenty-first century. Journal: International Journal of Political Economy Pages: 90-99 Issue: 2 Volume: 44 Year: 2015 Month: 4 X-DOI: 10.1080/08911916.2015.1060826 File-URL: http://hdl.handle.net/10.1080/08911916.2015.1060826 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:44:y:2015:i:2:p:90-99 Template-Type: ReDIF-Article 1.0 Author-Name: Gérard Duménil Author-X-Name-First: Gérard Author-X-Name-Last: Duménil Author-Name: Dominique Lévy Author-X-Name-First: Dominique Author-X-Name-Last: Lévy Title: A Reply to William Lazonick’s Comment on our “Neoliberal Managerial Capitalism: Another Reading of the Piketty, Saez, and Zucman Data†Abstract: This paper is a reply to William Lazonick’s criticism of our analysis of managerial capitalism and its later phase in neoliberalism, based on the data on income distribution put forward by T. Piketty, E. Saez, and G. Zucman. Two of these criticisms are the expressions of basic misunderstandings. First, we do not believe the managerial revolution occurred against the will of capitalist classes, although, in various later decades, the income and wealth of these classes were dramatically diminished in the New Deal and after World War II. Second, we see in the maximization of shareholder value a central feature of neoliberal capitalism, as Lazonick does. The difference is that we address this feature in the broader context of variegated tendencies jointly expressing the class nature of neoliberalism, a social order targeted toward maximizing the income and wealth of upper classes. What Lazonick says of the taxation of stock options stresses some of the ambiguous features of the distinction between “wages†and capital income at the top that we fully acknowledge, but does not question our interpretation of the new trends in the income of the broader managerial class. Journal: International Journal of Political Economy Pages: 100-104 Issue: 2 Volume: 44 Year: 2015 Month: 4 X-DOI: 10.1080/08911916.2015.1060827 File-URL: http://hdl.handle.net/10.1080/08911916.2015.1060827 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:44:y:2015:i:2:p:100-104 Template-Type: ReDIF-Article 1.0 Author-Name: Fred Moseley Author-X-Name-First: Fred Author-X-Name-Last: Moseley Title: Piketty and Marginal Productivity Theory Abstract: This paper focuses on Piketty’s explanation of the increased capital share of total income in major economies in recent decades presented in chapter 6 of his 2014 book. Piketty’s explanation is presented in terms of the theoretical framework of the marginal productivity theory of distribution. The first section of the paper critically reviews the key elements of marginal productivity theory: production function, marginal products, diminishing returns, and elasticity of substitution. The second section summarizes Piketty’s explanation of the increasing capital share in terms of marginal productivity theory; the third section critically evaluates Piketty’s explanation; and the fourth section briefly presents an alternative heterodox explanation of the increased capital share in recent decades. Journal: International Journal of Political Economy Pages: 105-120 Issue: 2 Volume: 44 Year: 2015 Month: 4 X-DOI: 10.1080/08911916.2015.1060828 File-URL: http://hdl.handle.net/10.1080/08911916.2015.1060828 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:44:y:2015:i:2:p:105-120 Template-Type: ReDIF-Article 1.0 Author-Name: Luis Villanueva Author-X-Name-First: Luis Author-X-Name-Last: Villanueva Title: Connecting Patterns of Technical Change and Income Inequality Abstract: This paper studies the empirical relationship between patterns of technical change and income inequality from historical and political economy perspectives. Growth distribution schedules are constructed to determine the type of technical change undergone in a sample of Latin American countries from 1963 to 2008. Such patterns of technical change can be grouped into redistributive and nonredistributive. The expected theoretical relation under redistributive patterns of technical change is that income inequality should decrease when this type of pattern emerges. The study empirically verifies that this relationship emerges in several periods, but this outcome is only one of the possible results of the complex interaction between patterns of technical change and historical economic and political events. Combining our study of patterns of technical change with economic history reveals that the role of political and economic coalitions needs to be incorporated to understand the complex forces that determine changes in income distribution. The study concludes with provisions of a framework for understanding changes in income distribution during different episodes in our period of analysis, ranging from the era of military dictatorship to the most recent period. We highlight some policy implications that can be drawn from this framework. Journal: International Journal of Political Economy Pages: 121-141 Issue: 2 Volume: 44 Year: 2015 Month: 4 X-DOI: 10.1080/08911916.2015.1060829 File-URL: http://hdl.handle.net/10.1080/08911916.2015.1060829 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:44:y:2015:i:2:p:121-141 Template-Type: ReDIF-Article 1.0 Author-Name: Sergio Cesaratto Author-X-Name-First: Sergio Author-X-Name-Last: Cesaratto Title: Balance of Payments or Monetary Sovereignty? In Search of the EMU’s Original Sin Abstract: In a recent paper, Marc Lavoie (2015) criticized my interpretation of the Eurozone (EZ) crisis as a balance of payments (BoP) problem. He identifies the original sin “in the setup and self-imposed constraints of the European Central Bank.†This is referred to here as the monetary sovereignty view, which belongs to a more general view that sees the source of EZ troubles in its imperfect institutional design. According to the (prevailing) BoP view, sustained in different ways by a variety of economists from the conservative Sinn to the progressive Frenkel, the original sin lies in the current account (CA) imbalances brought about by abandoning exchange rate adjustments and in inducing peripheral countries to become indebted with core countries. An increasing number of economists would add German neomercantilist policies as an exacerbating factor. While the BoP crisis is a fact, better institutional design would perhaps have avoided the worst aspects of the current crisis and permitted more effective action by the European Central Bank (ECB). Leaving aside the political infeasibility of a more progressive institutional setup, it is doubtful that this would fix the structural imbalances exacerbated by the euro. Be that as it may, one can of course blame the flawed institutional setup and the lack of ultimate action by the ECB for the crisis, as Lavoie seems to argue. Yet, since this institutional set up is absent, the EZ crisis manifests itself as a balance of payment crisis. Journal: International Journal of Political Economy Pages: 142-156 Issue: 2 Volume: 44 Year: 2015 Month: 4 X-DOI: 10.1080/08911916.2015.1060830 File-URL: http://hdl.handle.net/10.1080/08911916.2015.1060830 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:44:y:2015:i:2:p:142-156 Template-Type: ReDIF-Article 1.0 Author-Name: Marc Lavoie Author-X-Name-First: Marc Author-X-Name-Last: Lavoie Title: The Eurozone Crisis: A Balance-of-Payments Problem or a Crisis Due to a Flawed Monetary Design? Abstract: Both Sergio Cesaratto and I see several flaws in the setup of the common currency Eurozone, and we both understand, in a similar way, the functioning of a monetary economy. The only point of disagreement it seems to me is that Cesaratto insists that the Eurozone crisis is a balance-of-payments problem, tied to current account deficits and capital outflows. But whereas the continuous loss of foreign reserves must eventually lead to some painful adjustment, Eurozone countries can never run out of TARGET2 balances, which can take unlimited negative values, so that the evolution of the balance of payments cannot be the source of the crisis. My view, and Roberto Frenkel’s, is that investors perceived, in contrast to other central banks, that the European Central Bank by convention and by design would decline to act as the purchaser of last resort until it became too late, which explains the speculative attacks against the securities issued by the governments of the Eurozone periphery. Journal: International Journal of Political Economy Pages: 157-160 Issue: 2 Volume: 44 Year: 2015 Month: 4 X-DOI: 10.1080/08911916.2015.1060831 File-URL: http://hdl.handle.net/10.1080/08911916.2015.1060831 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:44:y:2015:i:2:p:157-160 Template-Type: ReDIF-Article 1.0 Author-Name: Nathan Perry Author-X-Name-First: Nathan Author-X-Name-Last: Perry Author-Name: Carlos Schönerwald Author-X-Name-First: Carlos Author-X-Name-Last: Schönerwald Title: Institutions, Geography, and Terms of Trade in Latin America Abstract: The paper discusses and tests the importance of institutions, geography, and terms of trade in Latin America during the Washington Consensus (WC) reform years. The paper argues that the WC overlooked these three important factors of growth, known as the "deep determinants of growth." The paper discusses the history and failures of the WC and creates an empirical test to determine the importance of the omitted growth factors. The empirical section uses a large panel data set and employs the Hausman-Taylor (1981) estimator to account for time-variant and time-invariant variables. The data includes several measures of institutions, geography, and terms of trade to provide broad evidence. Our results are consistent with the previous literature, showing that institutions are important to growth. Once institutions are controlled for, measures of geography have statistically weak direct effects on income per capita. The paper shows that both openness to trade and an overvalued real exchange rate are detrimental to growth in Latin America. These results provide evidence that institutions and terms of trade are vitally important to Latin American growth, and should not have been ignored by WC policy advisers. Journal: International Journal of Political Economy Pages: 66-94 Issue: 1 Volume: 41 Year: 2012 X-DOI: 10.2753/IJP0891-1916410103 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916410103 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:41:y:2012:i:1:p:66-94 Template-Type: ReDIF-Article 1.0 Author-Name: Andrea Fumagalli Author-X-Name-First: Andrea Author-X-Name-Last: Fumagalli Author-Name: Stefano Lucarelli Author-X-Name-First: Stefano Author-X-Name-Last: Lucarelli Title: A Financialized Monetary Economy of Production: Some Further Reflections Abstract: Badalian and Krivorotov (2012) not only acknowledge the strong link between the crisis of 2007 and the 1990s technological paradigm, but they also accept the complementarity between overinvestment in new technologies and increasing financial liquidity that we highlighted in our article "A Financialized Monetary Economy of Production." They argue that a similar trend seems to have also characterized Great Britain between the end of the nineteenth century and the first decade of the twentieth century. Thus, in this paper, we try to deepen the comparison between the regime of accumulation led by Great Britain during the nineteenth century and the finance-led regime of accumulation led by the United States that has characterized contemporary capitalism since the 1990s. We also explain the main differences between the growth patterns during these two periods. Furthermore, we criticize the monetary theory proposed by Badalian and Krivorotov for failing to consider both the store of value function and the credit function of money. This leads to two major misconstructions: the first relating to the interpretation of the financial circuit typical of the international payment system used between 1870 and 1907; the second relating to the definition itself of financialization. Journal: International Journal of Political Economy Pages: 108-123 Issue: 1 Volume: 41 Year: 2012 X-DOI: 10.2753/IJP0891-1916410105 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916410105 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:41:y:2012:i:1:p:108-123 Template-Type: ReDIF-Article 1.0 Author-Name: Phillip O'Hara Author-X-Name-First: Phillip Author-X-Name-Last: O'Hara Title: Short-, Long-, and Secular-Wave Growth in the World Political Economy Abstract: This paper examines the complex evolution and metamorphosis of the global, continental, and national political economies over the period 1940 to 2010. The data used are Maddison's, mostly for 1940-60, and the World Bank online World Development Indicators database mainly for 1961-2010. Emphasis is given to changes in the rate of per capita economic growth over time, arranged by decades, including the periodicity, amplitude, and phases of short, long, and secular waves. The paper starts by summarizing the stylized long-wave pattern for the 1940s to 2000s, which is then compared with that for the world, seven continents/regions, and 108 countries. Stylized facts about short, long, and secular wave patterns are scrutinized in relation to amplitude, periodicity, deviations from the stylized model and the world wave, plus multiple and erratic waves and patterns. Journal: International Journal of Political Economy Pages: 3-46 Issue: 1 Volume: 41 Year: 2012 X-DOI: 10.2753/IJP0891-1916410101 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916410101 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:41:y:2012:i:1:p:3-46 Template-Type: ReDIF-Article 1.0 Author-Name: Emiliano Brancaccio Author-X-Name-First: Emiliano Author-X-Name-Last: Brancaccio Title: Current Account Imbalances, the Eurozone Crisis, and a Proposal for a "European Wage Standard" Abstract: The crisis in the European Monetary Union cannot be attributed simply to the growth of government deficits in its member countries. Current account imbalances between eurozone members and the resulting accumulation of external private and public credit and debt appear to be further causes of instability. The gap between unit labor costs seems to be one of the determinants of trade imbalances. Germany, in particular, despite its current account surplus, has adopted a policy of relative wage deflation in recent years that has increased this gap. The adoption of a "European wage standard" may prompt countries with surpluses to generate higher growth in nominal wages, prices, and wage shares, thus helping to restore the balance in trade and safeguard European unity. Journal: International Journal of Political Economy Pages: 47-65 Issue: 1 Volume: 41 Year: 2012 X-DOI: 10.2753/IJP0891-1916410102 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916410102 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:41:y:2012:i:1:p:47-65 Template-Type: ReDIF-Article 1.0 Author-Name: Lucy Badalian Author-X-Name-First: Lucy Author-X-Name-Last: Badalian Author-Name: Victor Krivorotov Author-X-Name-First: Victor Author-X-Name-Last: Krivorotov Title: "A Financialized Monetary Economy of Production," by Andrea Fumagalli and Stefano Lucarelli: A Comment Abstract: Fumagalli and Lucarelli blame the ongoing crisis on overinvestment in the information and communications technology (ICT) revolution/cognitive capitalism. We present evidence that this is a stable pattern: capital-augmenting technological progress of ICT revolutions/financializations also unfolded as part of global trade infrastructures during earlier globalizations, such as a century ago, under the British empire. Historically, this started a transition to a new economic era: the mature dominant economy was "hollowed out" via financialization/outsourcing, while awakening the periphery. We model this as "opening up" the mature dominant economy: its falling fundamentals are compensated for by running a gigantic globalizing economy of scale. Fumagalli and Lucarelli are correct: The road to a healthy economy lies in restarting labor-augmenting technological progress. Historically, governments led in testing, refining, and commercializing revolutionary technologies—alas, usually during major wars. Journal: International Journal of Political Economy Pages: 95-107 Issue: 1 Volume: 41 Year: 2012 X-DOI: 10.2753/IJP0891-1916410104 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916410104 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:41:y:2012:i:1:p:95-107 Template-Type: ReDIF-Article 1.0 Author-Name: Koji Morioka Author-X-Name-First: Koji Author-X-Name-Last: Morioka Title: Introduction Journal: International Journal of Political Economy Pages: 3-7 Issue: 3 Volume: 21 Year: 1991 Month: 9 X-DOI: 10.1080/08911916.1991.11643819 File-URL: http://hdl.handle.net/10.1080/08911916.1991.11643819 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:21:y:1991:i:3:p:3-7 Template-Type: ReDIF-Article 1.0 Author-Name: Koji Morioka Author-X-Name-First: Koji Author-X-Name-Last: Morioka Title: Structural Changes in Japanese Capitalism Journal: International Journal of Political Economy Pages: 8-31 Issue: 3 Volume: 21 Year: 1991 Month: 9 X-DOI: 10.1080/08911916.1991.11643820 File-URL: http://hdl.handle.net/10.1080/08911916.1991.11643820 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:21:y:1991:i:3:p:8-31 Template-Type: ReDIF-Article 1.0 Author-Name: Tatsuo Naruse Author-X-Name-First: Tatsuo Author-X-Name-Last: Naruse Title: Taylorism and Fordism in Japan Journal: International Journal of Political Economy Pages: 32-48 Issue: 3 Volume: 21 Year: 1991 Month: 9 X-DOI: 10.1080/08911916.1991.11643821 File-URL: http://hdl.handle.net/10.1080/08911916.1991.11643821 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:21:y:1991:i:3:p:32-48 Template-Type: ReDIF-Article 1.0 Author-Name: Keisuke Aoki Author-X-Name-First: Keisuke Author-X-Name-Last: Aoki Title: Flexible Work Organization and Management Control in Japanese-style Management Journal: International Journal of Political Economy Pages: 49-69 Issue: 3 Volume: 21 Year: 1991 Month: 9 X-DOI: 10.1080/08911916.1991.11643822 File-URL: http://hdl.handle.net/10.1080/08911916.1991.11643822 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:21:y:1991:i:3:p:49-69 Template-Type: ReDIF-Article 1.0 Author-Name: Kentaro Hayashi Author-X-Name-First: Kentaro Author-X-Name-Last: Hayashi Title: High-Technology Strategies and Regional Restructuring Journal: International Journal of Political Economy Pages: 70-89 Issue: 3 Volume: 21 Year: 1991 Month: 9 X-DOI: 10.1080/08911916.1991.11643823 File-URL: http://hdl.handle.net/10.1080/08911916.1991.11643823 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:21:y:1991:i:3:p:70-89 Template-Type: ReDIF-Article 1.0 Author-Name: Harald Wolf Author-X-Name-First: Harald Author-X-Name-Last: Wolf Title: Introduction Journal: International Journal of Political Economy Pages: 3-19 Issue: 3 Volume: 25 Year: 1995 Month: 9 X-DOI: 10.1080/08911916.1995.11643903 File-URL: http://hdl.handle.net/10.1080/08911916.1995.11643903 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:25:y:1995:i:3:p:3-19 Template-Type: ReDIF-Article 1.0 Author-Name: Ulrich Mückenberger Author-X-Name-First: Ulrich Author-X-Name-Last: Mückenberger Title: Trade Union Difficulties with Participation Journal: International Journal of Political Economy Pages: 20-36 Issue: 3 Volume: 25 Year: 1995 Month: 9 X-DOI: 10.1080/08911916.1995.11643904 File-URL: http://hdl.handle.net/10.1080/08911916.1995.11643904 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:25:y:1995:i:3:p:20-36 Template-Type: ReDIF-Article 1.0 Author-Name: Christoph Deutschmann Author-X-Name-First: Christoph Author-X-Name-Last: Deutschmann Title: The “Adhocracy†as Viewed by Modernization Theory Journal: International Journal of Political Economy Pages: 37-49 Issue: 3 Volume: 25 Year: 1995 Month: 9 X-DOI: 10.1080/08911916.1995.11643905 File-URL: http://hdl.handle.net/10.1080/08911916.1995.11643905 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:25:y:1995:i:3:p:37-49 Template-Type: ReDIF-Article 1.0 Author-Name: Walther Müller-Jentsch Author-X-Name-First: Walther Author-X-Name-Last: Müller-Jentsch Title: Industrial Democracy Journal: International Journal of Political Economy Pages: 50-60 Issue: 3 Volume: 25 Year: 1995 Month: 9 X-DOI: 10.1080/08911916.1995.11643906 File-URL: http://hdl.handle.net/10.1080/08911916.1995.11643906 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:25:y:1995:i:3:p:50-60 Template-Type: ReDIF-Article 1.0 Author-Name: Klaus Dörre Author-X-Name-First: Klaus Author-X-Name-Last: Dörre Title: The “Democracy Question†at Work Journal: International Journal of Political Economy Pages: 61-87 Issue: 3 Volume: 25 Year: 1995 Month: 9 X-DOI: 10.1080/08911916.1995.11643907 File-URL: http://hdl.handle.net/10.1080/08911916.1995.11643907 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:25:y:1995:i:3:p:61-87 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Erratum Journal: International Journal of Political Economy Pages: 88-88 Issue: 3 Volume: 25 Year: 1995 Month: 9 X-DOI: 10.1080/08911916.1995.11643908 File-URL: http://hdl.handle.net/10.1080/08911916.1995.11643908 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:25:y:1995:i:3:p:88-88 Template-Type: ReDIF-Article 1.0 Author-Name: Harald Wolf Author-X-Name-First: Harald Author-X-Name-Last: Wolf Title: Guest Editor’s Introduction Journal: International Journal of Political Economy Pages: 3-5 Issue: 3 Volume: 29 Year: 1999 Month: 9 X-DOI: 10.1080/08911916.1999.11643992 File-URL: http://hdl.handle.net/10.1080/08911916.1999.11643992 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:29:y:1999:i:3:p:3-5 Template-Type: ReDIF-Article 1.0 Author-Name: Klaus Türk Author-X-Name-First: Klaus Author-X-Name-Last: Türk Title: The Critique of the Political Economy of Organization Journal: International Journal of Political Economy Pages: 6-32 Issue: 3 Volume: 29 Year: 1999 Month: 9 X-DOI: 10.1080/08911916.1999.11643993 File-URL: http://hdl.handle.net/10.1080/08911916.1999.11643993 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:29:y:1999:i:3:p:6-32 Template-Type: ReDIF-Article 1.0 Author-Name: Michael Bruch Author-X-Name-First: Michael Author-X-Name-Last: Bruch Title: Toward a Theory of Modern Domination Journal: International Journal of Political Economy Pages: 33-52 Issue: 3 Volume: 29 Year: 1999 Month: 9 X-DOI: 10.1080/08911916.1999.11643994 File-URL: http://hdl.handle.net/10.1080/08911916.1999.11643994 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:29:y:1999:i:3:p:33-52 Template-Type: ReDIF-Article 1.0 Author-Name: Thomas Lemke Author-X-Name-First: Thomas Author-X-Name-Last: Lemke Title: The Critique of the Political Economy of Organization as a Genealogy of Power Journal: International Journal of Political Economy Pages: 53-75 Issue: 3 Volume: 29 Year: 1999 Month: 9 X-DOI: 10.1080/08911916.1999.11643995 File-URL: http://hdl.handle.net/10.1080/08911916.1999.11643995 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:29:y:1999:i:3:p:53-75 Template-Type: ReDIF-Article 1.0 Author-Name: Hans-Peter Krebs Author-X-Name-First: Hans-Peter Author-X-Name-Last: Krebs Title: Organization as the Genealogical Embodiment of Domination? Journal: International Journal of Political Economy Pages: 76-86 Issue: 3 Volume: 29 Year: 1999 Month: 9 X-DOI: 10.1080/08911916.1999.11643996 File-URL: http://hdl.handle.net/10.1080/08911916.1999.11643996 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:29:y:1999:i:3:p:76-86 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Errata Journal: International Journal of Political Economy Pages: 87-87 Issue: 3 Volume: 29 Year: 1999 Month: 9 X-DOI: 10.1080/08911916.1999.11643997 File-URL: http://hdl.handle.net/10.1080/08911916.1999.11643997 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:29:y:1999:i:3:p:87-87 Template-Type: ReDIF-Article 1.0 Author-Name: Arslan Razmi Author-X-Name-First: Arslan Author-X-Name-Last: Razmi Title: Exploring the Sustainability of the Chinese Growth Model in Light of Some Key Structural Characteristics Abstract: China's rapid economic growth and success in poverty reduction over the last three decades have inspired world-wide admiration. This paper analyzes structural developments in the Chinese economy and distributional consequences thereof with the help of simple identities and behavioral specifications. Possible sources of these distributional developments are then analyzed using a tradetheoretic approach. Macro and micro aspects of China's investment- and export-led growth strategy are discussed along with the problems that the focused pursuit of such a strategy has raised. We conclude that China's growth model, although spectacularly successful in many ways, may have now outlived its utility both on economic and socio-political grounds. The present global economic crisis serves to bolster this conclusion. Journal: International Journal of Political Economy Pages: 54-92 Issue: 1 Volume: 39 Year: 2010 X-DOI: 10.2753/IJP0891-1916390103 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916390103 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:39:y:2010:i:1:p:54-92 Template-Type: ReDIF-Article 1.0 Author-Name: Fadhel Kaboub Author-X-Name-First: Fadhel Author-X-Name-Last: Kaboub Author-Name: Zdravka Todorova Author-X-Name-First: Zdravka Author-X-Name-Last: Todorova Author-Name: Luisa Fernandez Author-X-Name-First: Luisa Author-X-Name-Last: Fernandez Title: Inequality-Led Financial Instability Abstract: The paper uses Minsky's Financial Instability Hypothesis as an analytical framework for understanding the subprime mortgage crisis and for introducing adequate reforms to restore economic stability. We argue that the subprime financial turmoil has deeper structural origins that go beyond the housing market and financial markets. We argue that inequality has been the real structural cause of today's financial markets meltdown. What we observe today is only the manifestation of the ingenuity of the market in taking advantage of money-making opportunities at any cost, regardless of macroeconomic and social consequences. The so-called "democratization of homeownership" suddenly turned into record-high delinquencies and foreclosures. The sudden turn in market expectations led investors and banks to reevaluate their portfolios, which brought about a credit crunch and widespread economic instability. The Federal Reserve Bank's intervention came too late and failed to usher adequate regulation. All attempts to stabilize financial markets will be temporary fixes if the structural inequality problem is not adequately addressed. Finally, the paper argues that a true democratization of home-ownership is only possible through job creation and income generation programs, rather than through exotic mortgage schemes. Journal: International Journal of Political Economy Pages: 3-27 Issue: 1 Volume: 39 Year: 2010 X-DOI: 10.2753/IJP0891-1916390101 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916390101 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:39:y:2010:i:1:p:3-27 Template-Type: ReDIF-Article 1.0 Author-Name: Yan Liang Author-X-Name-First: Yan Author-X-Name-Last: Liang Title: Interdependency, Decoupling, and Dependency Abstract: After the devastating 1997-98 Asian financial crisis, Asian economies have tried to learn the lessons and orchestrate an effective development strategy in the midst of increasing global capital flows. In this paper, we attempt to identify the development strategy of Asian countries and the implications thereof for their economies and for the rest of the world. We argue that neither the "interdependency" theory nor the "decoupling" thesis adequately explains the current Asian development path. Instead, we argue that the dependency theory may shed light on the recent Asian development experience. By showing this, we highlight the fact that the ever growing financial power has, to a large degree, shaped the "real," productive side of the economy in Asian countries. Journal: International Journal of Political Economy Pages: 28-53 Issue: 1 Volume: 39 Year: 2010 X-DOI: 10.2753/IJP0891-1916390102 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916390102 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:39:y:2010:i:1:p:28-53 Template-Type: ReDIF-Article 1.0 Author-Name: Maria Ivanova Author-X-Name-First: Maria Author-X-Name-Last: Ivanova Title: Hegemony and Seigniorage Abstract: This article argues that the U. S. current account deficit emerged in the course of the structural transformation of the U. S. economy as the Fordist production regime underwent a profitability crisis, eroded, and was supplanted by the emerging dominance of the financial sector. This domestic transformation has been aided and abetted by the position of the U. S. dollar as key international currency which confers upon its owner the right of seigniorage whose spoils broadly defined to include not only seigniorage income and the benefits derived from the large-scale recycling of American debt, but also the ability to profit from exchange-rate manipulation of the dollar, have given further impetus to the erosion of the U. S. productive economy. Journal: International Journal of Political Economy Pages: 93-130 Issue: 1 Volume: 39 Year: 2010 X-DOI: 10.2753/IJP0891-1916390104 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916390104 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:39:y:2010:i:1:p:93-130 Template-Type: ReDIF-Article 1.0 Author-Name: Esteban Caldentey Author-X-Name-First: Esteban Author-X-Name-Last: Caldentey Author-Name: MatÃas Vernengo Author-X-Name-First: MatÃas Author-X-Name-Last: Vernengo Title: Global Imbalances and Economic Development Abstract: Journal: International Journal of Political Economy Pages: 5-11 Issue: 4 Volume: 36 Year: 2007 X-DOI: 10.2753/IJP0891-1916360401 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916360401 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:36:y:2007:i:4:p:5-11 Template-Type: ReDIF-Article 1.0 Author-Name: José Ocampo Author-X-Name-First: José Author-X-Name-Last: Ocampo Title: The Instability and Inequities of the Global Reserve System Abstract: Journal: International Journal of Political Economy Pages: 71-96 Issue: 4 Volume: 36 Year: 2007 X-DOI: 10.2753/IJP0891-1916360405 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916360405 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:36:y:2007:i:4:p:71-96 Template-Type: ReDIF-Article 1.0 Author-Name: Jane D'Arista Author-X-Name-First: Jane Author-X-Name-Last: D'Arista Title: U. S. Debt and Global Imbalances Abstract: Journal: International Journal of Political Economy Pages: 12-35 Issue: 4 Volume: 36 Year: 2007 X-DOI: 10.2753/IJP0891-1916360402 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916360402 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:36:y:2007:i:4:p:12-35 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Author Index to Volume 36 (Spring 2007-Winter 2007-8) Abstract: Journal: International Journal of Political Economy Pages: 97-98 Issue: 4 Volume: 36 Year: 2007 X-DOI: 10.1080/08911916.2007.11042975 File-URL: http://hdl.handle.net/10.1080/08911916.2007.11042975 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:36:y:2007:i:4:p:97-98 Template-Type: ReDIF-Article 1.0 Author-Name: Thomas Palley Author-X-Name-First: Thomas Author-X-Name-Last: Palley Title: The Fallacy of the Revised Bretton Woods Hypothesis: Why Today's Global Financial System Is Unsustainable and Suggestions for a Replacement Abstract: Journal: International Journal of Political Economy Pages: 36-52 Issue: 4 Volume: 36 Year: 2007 X-DOI: 10.2753/IJP0891-1916360403 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916360403 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:36:y:2007:i:4:p:36-52 Template-Type: ReDIF-Article 1.0 Author-Name: Igor Paunovic Author-X-Name-First: Igor Author-X-Name-Last: Paunovic Author-Name: Juan Moreno-Brid Author-X-Name-First: Juan Author-X-Name-Last: Moreno-Brid Title: Global Imbalances and Economic Development: Economic Policymaking by Leftist Governments in Latin America Abstract: Journal: International Journal of Political Economy Pages: 53-70 Issue: 4 Volume: 36 Year: 2007 X-DOI: 10.2753/IJP0891-1916360404 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916360404 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:36:y:2007:i:4:p:53-70 Template-Type: ReDIF-Article 1.0 Author-Name: Mario Seccareccia Author-X-Name-First: Mario Author-X-Name-Last: Seccareccia Title: Editor's Introduction Abstract: Journal: International Journal of Political Economy Pages: 3-4 Issue: 4 Volume: 36 Year: 2007 X-DOI: 10.2753/IJP0891-1916360400 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916360400 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:36:y:2007:i:4:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: ALCINO F. CÂMARA NETO Author-X-Name-First: ALCINO F. CÂMARA Author-X-Name-Last: NETO Author-Name: MATIAS VERNENGO Author-X-Name-First: MATIAS Author-X-Name-Last: VERNENGO Title: Globalization, a Dangerous Obsession : Latin America in the Post-Washington Consensus Era Abstract: Journal: International Journal of Political Economy Pages: 4-21 Issue: 4 Volume: 32 Year: 2002 X-DOI: 10.1080/08911916.2002.11042883 File-URL: http://hdl.handle.net/10.1080/08911916.2002.11042883 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:32:y:2002:i:4:p:4-21 Template-Type: ReDIF-Article 1.0 Author-Name: JANE D'ARISTA Author-X-Name-First: JANE Author-X-Name-Last: D'ARISTA Title: Moving Beyond the Washington Consensus Abstract: Journal: International Journal of Political Economy Pages: 22-34 Issue: 4 Volume: 32 Year: 2002 X-DOI: 10.1080/08911916.2002.11042884 File-URL: http://hdl.handle.net/10.1080/08911916.2002.11042884 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:32:y:2002:i:4:p:22-34 Template-Type: ReDIF-Article 1.0 Author-Name: LUIZ CARLOS BRESSER-PEREIRA Author-X-Name-First: LUIZ CARLOS Author-X-Name-Last: BRESSER-PEREIRA Title: Brazil's Quasi-Stagnation and the Growth cum Foreign Savings Strategy Abstract: Journal: International Journal of Political Economy Pages: 76-102 Issue: 4 Volume: 32 Year: 2002 X-DOI: 10.1080/08911916.2002.11042885 File-URL: http://hdl.handle.net/10.1080/08911916.2002.11042885 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:32:y:2002:i:4:p:76-102 Template-Type: ReDIF-Article 1.0 Author-Name: FERNANDO J. CARDIM DE CARVALHO Author-X-Name-First: FERNANDO J. CARDIM DE Author-X-Name-Last: CARVALHO Title: Strengthening the Defenses of the Brazilian Economy Against External Vulnerability Abstract: Journal: International Journal of Political Economy Pages: 35-48 Issue: 4 Volume: 32 Year: 2002 X-DOI: 10.1080/08911916.2002.11042886 File-URL: http://hdl.handle.net/10.1080/08911916.2002.11042886 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:32:y:2002:i:4:p:35-48 Template-Type: ReDIF-Article 1.0 Author-Name: MARIO SECCARECCIA Author-X-Name-First: MARIO Author-X-Name-Last: SECCARECCIA Title: Editor's Introduction Abstract: Journal: International Journal of Political Economy Pages: 3-3 Issue: 4 Volume: 32 Year: 2002 X-DOI: 10.1080/08911916.2002.11042887 File-URL: http://hdl.handle.net/10.1080/08911916.2002.11042887 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:32:y:2002:i:4:p:3-3 Template-Type: ReDIF-Article 1.0 Author-Name: JESUS FELIPE Author-X-Name-First: JESUS Author-X-Name-Last: FELIPE Author-Name: MATIAS VERNENGO Author-X-Name-First: MATIAS Author-X-Name-Last: VERNENGO Title: Demystifying the Principles of Comparative Advantage : Implications for Developing Countries Abstract: Journal: International Journal of Political Economy Pages: 49-75 Issue: 4 Volume: 32 Year: 2002 X-DOI: 10.1080/08911916.2002.11042888 File-URL: http://hdl.handle.net/10.1080/08911916.2002.11042888 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:32:y:2002:i:4:p:49-75 Template-Type: ReDIF-Article 1.0 Author-Name: Robert Guttmann Author-X-Name-First: Robert Author-X-Name-Last: Guttmann Title: Asset Bubbles, Debt Deflation, and Global Imbalances Abstract: The article investigates the primary imbalances in our global economy, which have brought us to the brink of depression. Putting the emphasis on structural changes in our credit system following its deregulation in the 1980s, we can conclude that the confluence of financial innovation and financial globalization created a new propensity for speculative asset bubbles. When the latest bubble burst in 2007, it triggered a devastating sequence of financial instability which has driven the world economy into the worst downturn since the 1930s. Government crisis-management responses, from deficit spending to unorthodox monetary policy and bank rescues, are assessed. The global dimension of this crisis requires international policy coordination, a task made more difficult by the asymmetry of our dollar-based international monetary system encouraging excessive US deficits. Journal: International Journal of Political Economy Pages: 46-69 Issue: 2 Volume: 38 Year: 2009 X-DOI: 10.2753/IJP0891-1916380202 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916380202 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:38:y:2009:i:2:p:46-69 Template-Type: ReDIF-Article 1.0 Author-Name: Mario Seccareccia Author-X-Name-First: Mario Author-X-Name-Last: Seccareccia Title: Editor's Introduction Abstract: Journal: International Journal of Political Economy Pages: 3-4 Issue: 2 Volume: 38 Year: 2009 X-DOI: 10.2753/IJP0891-1916380200 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916380200 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:38:y:2009:i:2:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Eugenia Correa Author-X-Name-First: Eugenia Author-X-Name-Last: Correa Author-Name: Mario Seccareccia Author-X-Name-First: Mario Author-X-Name-Last: Seccareccia Title: The United States Financial Crisis and Its NAFTA Linkages Abstract: This article explores how the structural arrangements under the North American Free Trade Agreement (NAFTA) have contributed to the unfolding of the financial crisis and to its international transmission. It reviews the developments over the last two decades in Canada and Mexico based on the model of export-led growth which has also been implemented in much of the rest of the world. In light of this, the authors argue that NAFTA needs redesigning by taking more seriously into consideration the problem of effective demand that remains a structural flaw for any model that relies on export-led growth. Journal: International Journal of Political Economy Pages: 70-99 Issue: 2 Volume: 38 Year: 2009 X-DOI: 10.2753/IJP0891-1916380203 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916380203 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:38:y:2009:i:2:p:70-99 Template-Type: ReDIF-Article 1.0 Author-Name: Thomas Ferguson Author-X-Name-First: Thomas Author-X-Name-Last: Ferguson Author-Name: Robert Johnson Author-X-Name-First: Robert Author-X-Name-Last: Johnson Title: Too Big to Bail: The "Paulson Put," Presidential Politics, and the Global Financial Meltdown Abstract: This paper is the second part of our study of the world financial crisis. Part I, "From Shadow Banking System to Shadow Bailout," appeared in the previous issue of this journal (Ferguson and Johnson 2009). The discussion centers on the "Paulson Put" that defined the "Shadow Bailout"—the effort by the Treasury and the Federal Reserve to put off high-profile financial bailouts until after the 2008 presidential election. The role Fannie Mae and Freddie Mac played in the collapse of the Paulson Put is traced at length, along with the failure of Bear Stearns and the eventual nationalization of the GSEs (government-sponsored enterprises). The Lehman bankruptcy receives detailed attention in the context of the U.S. presidential election. John Taylor's recent arguments about the relative (un)importance of the Lehman episode are examined and rejected. The establishment of the Troubled Asset Relief Program (TARP) and its aftermath are also examined in some detail. Journal: International Journal of Political Economy Pages: 5-45 Issue: 2 Volume: 38 Year: 2009 X-DOI: 10.2753/IJP0891-1916380201 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916380201 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:38:y:2009:i:2:p:5-45 Template-Type: ReDIF-Article 1.0 Author-Name: Rubén Osuna Guerrero Author-X-Name-First: Rubén Author-X-Name-Last: Osuna Guerrero Title: Guest Editor’s Introduction Journal: International Journal of Political Economy Pages: 3-6 Issue: 2 Volume: 30 Year: 2000 Month: 6 X-DOI: 10.1080/08911916.2000.11644008 File-URL: http://hdl.handle.net/10.1080/08911916.2000.11644008 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:30:y:2000:i:2:p:3-6 Template-Type: ReDIF-Article 1.0 Author-Name: Emilio DÃaz Calleja Author-X-Name-First: Emilio Author-X-Name-Last: DÃaz Calleja Author-Name: Rubén Osuna Guerrero Author-X-Name-First: Rubén Author-X-Name-Last: Osuna Guerrero Title: Inside Orthodoxy Journal: International Journal of Political Economy Pages: 7-34 Issue: 2 Volume: 30 Year: 2000 Month: 6 X-DOI: 10.1080/08911916.2000.11644009 File-URL: http://hdl.handle.net/10.1080/08911916.2000.11644009 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:30:y:2000:i:2:p:7-34 Template-Type: ReDIF-Article 1.0 Author-Name: Diego Guerrero Author-X-Name-First: Diego Author-X-Name-Last: Guerrero Title: Neoclassical, Keynesian, and Heterodox Employment Policies Journal: International Journal of Political Economy Pages: 35-55 Issue: 2 Volume: 30 Year: 2000 Month: 6 X-DOI: 10.1080/08911916.2000.11644010 File-URL: http://hdl.handle.net/10.1080/08911916.2000.11644010 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:30:y:2000:i:2:p:35-55 Template-Type: ReDIF-Article 1.0 Author-Name: Jesús AlbarracÃn Author-X-Name-First: Jesús Author-X-Name-Last: AlbarracÃn Title: Neoliberal Employment Policies Journal: International Journal of Political Economy Pages: 56-81 Issue: 2 Volume: 30 Year: 2000 Month: 6 X-DOI: 10.1080/08911916.2000.11644011 File-URL: http://hdl.handle.net/10.1080/08911916.2000.11644011 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:30:y:2000:i:2:p:56-81 Template-Type: ReDIF-Article 1.0 Author-Name: Luis Toharia Author-X-Name-First: Luis Author-X-Name-Last: Toharia Title: Employment Patterns in Spain between 1970 and 2001 Journal: International Journal of Political Economy Pages: 82-98 Issue: 2 Volume: 30 Year: 2000 Month: 6 X-DOI: 10.1080/08911916.2000.11644012 File-URL: http://hdl.handle.net/10.1080/08911916.2000.11644012 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:30:y:2000:i:2:p:82-98 Template-Type: ReDIF-Article 1.0 Author-Name: Mario Seccareccia Author-X-Name-First: Mario Author-X-Name-Last: Seccareccia Title: Editor's Introduction Abstract: Journal: International Journal of Political Economy Pages: 3-4 Issue: 1 Volume: 35 Year: 2006 X-DOI: 10.2753/IJP0891-1916350100 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916350100 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:35:y:2006:i:1:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Peter Howells Author-X-Name-First: Peter Author-X-Name-Last: Howells Author-Name: Iris Mariscal Author-X-Name-First: Iris Author-X-Name-Last: Mariscal Title: Monetary Policy Regimes. A Fragile Consensus Abstract: Journal: International Journal of Political Economy Pages: 62-83 Issue: 1 Volume: 35 Year: 2006 X-DOI: 10.2753/IJP0891-1916350104 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916350104 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:35:y:2006:i:1:p:62-83 Template-Type: ReDIF-Article 1.0 Author-Name: Stephanie Bell-Kelton Author-X-Name-First: Stephanie Author-X-Name-Last: Bell-Kelton Title: Behind Closed Doors. The Political Economy of Central Banking in the United States Abstract: Journal: International Journal of Political Economy Pages: 5-23 Issue: 1 Volume: 35 Year: 2006 X-DOI: 10.2753/IJP0891-1916350101 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916350101 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:35:y:2006:i:1:p:5-23 Template-Type: ReDIF-Article 1.0 Author-Name: Brian Maclean Author-X-Name-First: Brian Author-X-Name-Last: Maclean Title: Avoiding a Great Depression but Getting a Great Recession. The Bank of Japan and Japanese Macroeconomic Policy, 1991–2004 Abstract: Journal: International Journal of Political Economy Pages: 84-107 Issue: 1 Volume: 35 Year: 2006 X-DOI: 10.2753/IJP0891-1916350105 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916350105 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:35:y:2006:i:1:p:84-107 Template-Type: ReDIF-Article 1.0 Author-Name: Jörg Bibow Author-X-Name-First: Jörg Author-X-Name-Last: Bibow Title: Europe's Quest for Monetary Stability. Central Banking Gone Astray Abstract: Journal: International Journal of Political Economy Pages: 24-43 Issue: 1 Volume: 35 Year: 2006 X-DOI: 10.2753/IJP0891-1916350102 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916350102 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:35:y:2006:i:1:p:24-43 Template-Type: ReDIF-Article 1.0 Author-Name: Marc Lavoie Author-X-Name-First: Marc Author-X-Name-Last: Lavoie Author-Name: Mario Seccareccia Author-X-Name-First: Mario Author-X-Name-Last: Seccareccia Title: The Bank of Canada and the Modern View of Central Banking Abstract: Journal: International Journal of Political Economy Pages: 44-61 Issue: 1 Volume: 35 Year: 2006 X-DOI: 10.2753/IJP0891-1916350103 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916350103 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:35:y:2006:i:1:p:44-61 Template-Type: ReDIF-Article 1.0 Author-Name: JOSÉ A. TAPIA GRANADOS Author-X-Name-First: JOSÉ A. TAPIA Author-X-Name-Last: GRANADOS Author-Name: MARTÃN ABELES Author-X-Name-First: MARTÃN Author-X-Name-Last: ABELES Title: Guest Editors' Introduction : The Demise of Neoliberalism in Argentina Abstract: Journal: International Journal of Political Economy Pages: 3-10 Issue: 1 Volume: 31 Year: 2001 X-DOI: 10.1080/08911916.2001.11042851 File-URL: http://hdl.handle.net/10.1080/08911916.2001.11042851 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:31:y:2001:i:1:p:3-10 Template-Type: ReDIF-Article 1.0 Author-Name: CLAUDIO KATZ Author-X-Name-First: CLAUDIO Author-X-Name-Last: KATZ Title: The Economic Crisis Interpretations and Proposals Abstract: Journal: International Journal of Political Economy Pages: 45-56 Issue: 1 Volume: 31 Year: 2001 X-DOI: 10.1080/08911916.2001.11042852 File-URL: http://hdl.handle.net/10.1080/08911916.2001.11042852 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:31:y:2001:i:1:p:45-56 Template-Type: ReDIF-Article 1.0 Author-Name: JULIO C. GAMBINA Author-X-Name-First: JULIO C. Author-X-Name-Last: GAMBINA Title: Pueblada : The End of 2001 Abstract: Journal: International Journal of Political Economy Pages: 57-65 Issue: 1 Volume: 31 Year: 2001 X-DOI: 10.1080/08911916.2001.11042853 File-URL: http://hdl.handle.net/10.1080/08911916.2001.11042853 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:31:y:2001:i:1:p:57-65 Template-Type: ReDIF-Article 1.0 Author-Name: DANIEL CAMPIONE Author-X-Name-First: DANIEL Author-X-Name-Last: CAMPIONE Title: Notes from the End of an Era Pathways from the Crisis Abstract: Journal: International Journal of Political Economy Pages: 66-78 Issue: 1 Volume: 31 Year: 2001 X-DOI: 10.1080/08911916.2001.11042854 File-URL: http://hdl.handle.net/10.1080/08911916.2001.11042854 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:31:y:2001:i:1:p:66-78 Template-Type: ReDIF-Article 1.0 Author-Name: MATÃAS KULFAS Author-X-Name-First: MATÃAS Author-X-Name-Last: KULFAS Title: The Role of Foreign Debt in Capital Accumulation During the Era of Convertibility Abstract: Journal: International Journal of Political Economy Pages: 24-44 Issue: 1 Volume: 31 Year: 2001 X-DOI: 10.1080/08911916.2001.11042855 File-URL: http://hdl.handle.net/10.1080/08911916.2001.11042855 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:31:y:2001:i:1:p:24-44 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: The Unemployed in the Popular Uprising of December, 2001 : Report from Greater Buenos Aires Abstract: Journal: International Journal of Political Economy Pages: 11-23 Issue: 1 Volume: 31 Year: 2001 X-DOI: 10.1080/08911916.2001.11042856 File-URL: http://hdl.handle.net/10.1080/08911916.2001.11042856 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:31:y:2001:i:1:p:11-23 Template-Type: ReDIF-Article 1.0 Author-Name: GONZALO M. RODRÃGUEZ Author-X-Name-First: GONZALO M. Author-X-Name-Last: RODRÃGUEZ Title: Crisis, Social Explosion, and Three Moments of Breaking with Representative Democracy in Argentina Abstract: Journal: International Journal of Political Economy Pages: 79-88 Issue: 1 Volume: 31 Year: 2001 X-DOI: 10.1080/08911916.2001.11042857 File-URL: http://hdl.handle.net/10.1080/08911916.2001.11042857 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:31:y:2001:i:1:p:79-88 Template-Type: ReDIF-Article 1.0 Author-Name: PHILIP ARESTIS Author-X-Name-First: PHILIP Author-X-Name-Last: ARESTIS Author-Name: MALCOLM SAWYER Author-X-Name-First: MALCOLM Author-X-Name-Last: SAWYER Title: On the Main Ingredients of the European Economic and Monetary Union Abstract: Journal: International Journal of Political Economy Pages: 5-18 Issue: 2 Volume: 34 Year: 2004 X-DOI: 10.1080/08911916.2004.11042919 File-URL: http://hdl.handle.net/10.1080/08911916.2004.11042919 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:34:y:2004:i:2:p:5-18 Template-Type: ReDIF-Article 1.0 Author-Name: MARIO SECCARECCIA Author-X-Name-First: MARIO Author-X-Name-Last: SECCARECCIA Title: Editor's Introduction Abstract: Journal: International Journal of Political Economy Pages: 3-4 Issue: 2 Volume: 34 Year: 2004 X-DOI: 10.1080/08911916.2004.11042920 File-URL: http://hdl.handle.net/10.1080/08911916.2004.11042920 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:34:y:2004:i:2:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: JOSEPH HALEVI Author-X-Name-First: JOSEPH Author-X-Name-Last: HALEVI Author-Name: PETER KRIESLER Author-X-Name-First: PETER Author-X-Name-Last: KRIESLER Title: Stagnation and Economic Conflict in Europe Abstract: Journal: International Journal of Political Economy Pages: 19-45 Issue: 2 Volume: 34 Year: 2004 X-DOI: 10.1080/08911916.2004.11042921 File-URL: http://hdl.handle.net/10.1080/08911916.2004.11042921 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:34:y:2004:i:2:p:19-45 Template-Type: ReDIF-Article 1.0 Author-Name: SERGIO ROSSI Author-X-Name-First: SERGIO Author-X-Name-Last: ROSSI Title: Inflation Targeting and Sacrifice Ratios : The Case of the European Central Bank Abstract: Journal: International Journal of Political Economy Pages: 69-85 Issue: 2 Volume: 34 Year: 2004 X-DOI: 10.1080/08911916.2004.11042922 File-URL: http://hdl.handle.net/10.1080/08911916.2004.11042922 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:34:y:2004:i:2:p:69-85 Template-Type: ReDIF-Article 1.0 Author-Name: DIETER SPETHMANN Author-X-Name-First: DIETER Author-X-Name-Last: SPETHMANN Author-Name: OTTO STEIGER Author-X-Name-First: OTTO Author-X-Name-Last: STEIGER Title: The Four Achilles' Heels of the Eurosystem : Missing Central Monetary Institution, Different Real Rates of Interest, Nonmarketable Securities, and Missing Lender of Last Resort Abstract: Journal: International Journal of Political Economy Pages: 46-68 Issue: 2 Volume: 34 Year: 2004 X-DOI: 10.1080/08911916.2004.11042923 File-URL: http://hdl.handle.net/10.1080/08911916.2004.11042923 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:34:y:2004:i:2:p:46-68 Template-Type: ReDIF-Article 1.0 Author-Name: RICCARDO BELLOFIORE Author-X-Name-First: RICCARDO Author-X-Name-Last: BELLOFIORE Title: Contemporary Capitalism, European Policies, and Working-Class Conditions Abstract: Journal: International Journal of Political Economy Pages: 86-104 Issue: 2 Volume: 34 Year: 2004 X-DOI: 10.1080/08911916.2004.11042924 File-URL: http://hdl.handle.net/10.1080/08911916.2004.11042924 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:34:y:2004:i:2:p:86-104 Template-Type: ReDIF-Article 1.0 Author-Name: Arturo O’Connell Author-X-Name-First: Arturo Author-X-Name-Last: O’Connell Title: European Crisis: A New Tale of Center–Periphery Relations in the World of Financial Liberalization/Globalization? Abstract: There are many dimensions to the so-called European Crisis can be understood as one more case of the crisis of financial liberalization/globalization that the developing countries—and their counterparts in the advanced ones—started experiencing more than a quarter of a century ago. This perspective leads to a focus on the consequences of cross-border financial movements in both their upside and downside phases, consequences that have a serious impact not only on the habitually so- called “debtor†countries but also on those of residence of the major creditor institutions. Therefore, a solution to the “crisis†must involve both sides of the center–periphery relationship if a breakup of the system is to be avoided. Journal: International Journal of Political Economy Pages: 174-195 Issue: 3 Volume: 44 Year: 2015 Month: 7 X-DOI: 10.1080/08911916.2015.1035986 File-URL: http://hdl.handle.net/10.1080/08911916.2015.1035986 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:44:y:2015:i:3:p:174-195 Template-Type: ReDIF-Article 1.0 Author-Name: Riccardo Realfonzo Author-X-Name-First: Riccardo Author-X-Name-Last: Realfonzo Author-Name: Angelantonio Viscione Author-X-Name-First: Angelantonio Author-X-Name-Last: Viscione Title: The Real Effects of a Euro Exit: Lessons from the Past Abstract: In the debate between supporters and critics of the euro, the opposing ideological extremes have gotten it wrong. The most important lesson we can learn from the experience of the past is that the outcome, in terms of growth, distribution, and employment, depends on how a country remains in the euro; or, in the case of a euro exit, on the quality of the economic policies that are put in place once the country regains control of monetary and fiscal matters, and not on the fact of abandoning the previous exchange system. At the same time, historical experience suggests that countries with higher per capita income and more stable political institutions would be more likely to benefit from a euro exit. Journal: International Journal of Political Economy Pages: 161-173 Issue: 3 Volume: 44 Year: 2015 Month: 7 X-DOI: 10.1080/08911916.2015.1095044 File-URL: http://hdl.handle.net/10.1080/08911916.2015.1095044 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:44:y:2015:i:3:p:161-173 Template-Type: ReDIF-Article 1.0 Author-Name: Alberto Botta Author-X-Name-First: Alberto Author-X-Name-Last: Botta Author-Name: Eugenio Caverzasi Author-X-Name-First: Eugenio Author-X-Name-Last: Caverzasi Author-Name: Daniele Tori Author-X-Name-First: Daniele Author-X-Name-Last: Tori Title: Financial–Real-Side Interactions in an Extended Monetary Circuit with Shadow Banking: Loving or Dangerous Hugs? Abstract: Monetary circuit (MC) theory is one of the most interesting attempts to formally describe the functioning of a monetary production economy as centered on the concept of the flux–reflux of money. Endogenous money creation by commercial banks allows the circuit to open and firms to implement production processes. Financial markets “passively†close the circuit by intermediating savings via bond and equity issuance. Despite its natural focus on financial-real side links, the monetary circuit literature has paid relatively little attention to “financialization†and the way it has modified real-financial dynamics. In this article, we analyze whether the flux–reflux perspective of the circuit may be fruitfully applied to the description of the linkages between the real economy and finance in a financialized economy. We propose two interconnected circuits, one for the real economy and one for the financial one. In this context, finance can still ensure a consistent closure of the whole system, thus directly allowing the functioning of the real economy. Newly developed inside-finance interactions, however, may indirectly influence real world dynamics, by easing/restricting access to credit/financial markets, and give rise to boom-and-bust cycles. Our aim is twofold: modeling modern financial worlds within an MC framework and understanding how financialization could have changed real-financial interactions. Journal: International Journal of Political Economy Pages: 196-227 Issue: 3 Volume: 44 Year: 2015 Month: 7 X-DOI: 10.1080/08911916.2015.1095049 File-URL: http://hdl.handle.net/10.1080/08911916.2015.1095049 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:44:y:2015:i:3:p:196-227 Template-Type: ReDIF-Article 1.0 Author-Name: Kalim Siddiqui Author-X-Name-First: Kalim Author-X-Name-Last: Siddiqui Title: Trade Liberalization and Economic Development: A Critical Review Abstract: This article examines the literature on trade liberalization and economic development. It also briefly looks at the theory of comparative advantage which is seen as justification for global trade liberalization under the auspices of the World Trade Organization. The study is important because once again the international institutions strongly advocate trade liberalization in the developing countries. Such policies may increase vulnerability and make the developing countries further hostages to international finance capital. It seems that trade liberalization is being presented as a suitable developmental strategy for developing countries despite weak empirical findings. It appears that with the current agenda of universal trade liberalization, not only will development space shrink but also self-determination and economic sovereignty will be undermined. Journal: International Journal of Political Economy Pages: 228-247 Issue: 3 Volume: 44 Year: 2015 Month: 7 X-DOI: 10.1080/08911916.2015.1095050 File-URL: http://hdl.handle.net/10.1080/08911916.2015.1095050 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:44:y:2015:i:3:p:228-247 Template-Type: ReDIF-Article 1.0 Author-Name: Mario Seccareccia Author-X-Name-First: Mario Author-X-Name-Last: Seccareccia Title: Editor's Introduction Abstract: Journal: International Journal of Political Economy Pages: 3-4 Issue: 3 Volume: 40 Year: 2011 X-DOI: 10.2753/IJP0891-1916400300 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916400300 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:40:y:2011:i:3:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Geert Reuten Author-X-Name-First: Geert Author-X-Name-Last: Reuten Title: Economic Stagnation Postponed Abstract: The significant increase since the early 1980s in the share of income accruing to capital (rather than labor), in both the United States and the European Union, created the potential for economic stagnation. Stagnation was postponed, however, by the development of the banking sector in these countries, notably in the increasing amounts of credit granted to wage earners. To the extent that such lending will be curtailed in the aftermath of the recent financial-economic crisis, stagnation looms. Within the confines of capitalism, this dilemma can be overcome only by making a significant shift in the macroeconomic pattern of income distribution to realign consumption with income. While particular banks and banking policies are usually blamed for the crisis and indeed played an important role, the roots of the crisis are located at a deeper level. The implication is that the economic problems we face will be much more difficult to overcome than the usual analyses suggest. Journal: International Journal of Political Economy Pages: 50-58 Issue: 3 Volume: 40 Year: 2011 X-DOI: 10.2753/IJP0891-1916400304 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916400304 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:40:y:2011:i:3:p:50-58 Template-Type: ReDIF-Article 1.0 Author-Name: Andrea Micocci Author-X-Name-First: Andrea Author-X-Name-Last: Micocci Title: Marx and the Crisis Abstract: Capitalism's dialectical functioning constitutes a metaphysics, with monetary denomination taking economic and political primacy and ensuring the value-price transformation as a continuous yet inaccurate iteration. Monetary denomination thus grants both political stability and the possibility of valorization. Financial deals are inevitably far more rewarding than material production, but the two are metaphysically linked. While the former might damage the latter in times of "crisis," they cannot do without each other due to capitalism's dialectical operation. Crises are the norm in a capitalist system. Only by going beyond dialectics and the entailed metaphysics can we change this, in theory and in practice. Journal: International Journal of Political Economy Pages: 72-87 Issue: 3 Volume: 40 Year: 2011 X-DOI: 10.2753/IJP0891-1916400306 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916400306 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:40:y:2011:i:3:p:72-87 Template-Type: ReDIF-Article 1.0 Author-Name: Vladimiro Giacché Author-X-Name-First: Vladimiro Author-X-Name-Last: Giacché Title: Marx, the Falling Rate of Profit, Financialization, and the Current Crisis Abstract: Marx claims that the moralistic search for the guilty parties of a crisis (the "speculators") is the other side of the coin of the naïve belief that crises are avoidable. According to this ideological illusion, a crisis always comes from outside; it is a pathology alien to the system. For Marx, on the contrary, crises result from the overproduction of capital and commodities, and overproduction stems from the contradiction between the development of social productive powers and the capitalist relationships of production. A crisis is, therefore, the moment when capitalism's contradictions and the limits to the development of capital (that are inherent in capital itself) emerge. In particular, according to Marx, capitalist society is characterized by a long-term tendency for the rate of profit to fall. This paper argues that this tendency, as well as the countervailing factors that Marx discusses, are very useful for understanding the current crisis, which is the outcome of more than thirty years of feeble growth and of difficult captial valorization, and the massive recourse to interest-bearing capital, that is, to financialization, to remedy the situation. A crisis of overproduction preceded the bursting of the credit bubble but was hidden by the bubble, such that when the bubble burst, it appeared to have created the crisis. The crisis that began in 2007 thus became a genuine, generalized crisis that destroyed capital on a global scale, which for Marx is necessary, along with the destruction of the means of production, to restore profits and restart accumulation. While it is unclear whether the current crisis has destroyed enough capital to improve the profitability of invested capital and thus launch renewed accumulation, one thing is certain: we are in a depressive scenario much worse than the recessions of the last few decades. This situation calls into question the rationality and social sustainability of the current mode of production and puts the issue of the possibility, indeed the necessity, of a "superior level of social production" back on the agenda. Journal: International Journal of Political Economy Pages: 18-32 Issue: 3 Volume: 40 Year: 2011 X-DOI: 10.2753/IJP0891-1916400302 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916400302 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:40:y:2011:i:3:p:18-32 Template-Type: ReDIF-Article 1.0 Author-Name: Riccardo Bellofiore Author-X-Name-First: Riccardo Author-X-Name-Last: Bellofiore Title: The Ascent and Crisis of Money-Manager Capitalism Abstract: This issue tries to answer two questions. Is the Marxian theory of crises, in its original formulation, useful to understanding the current crisis? Can the current crisis help us rethink Marx's theory of crises? The most widespread readings of Marx's theory of crises are the "tendency toward a fall in the rate of profit" and an underconsumptionist view concerning "realization crises." These two interpretations have been central in Marxist analyses of the "Great Recession." In fact, most of the articles included in this issue refer to these lines of thought, and understand financialization accordingly. To set the context of the discussion, a short survey of Marx's thoughts on the crises is provided, as well as a quick reminder of the central tenets of "financial Keynesianism" (a label that here includes the "circuit theory of money" and the "financial instability hypothesis"). I argue that financialization was a real subsumption of labor to finance coupled with centralization without concentration, which produced a recovery in the rate of profits since the 1980s and turned monetarism into a paradoxical privatized Keynesianism. "Money-manager capitalism" was unsustainable, however. Its collapse opens the door to "socializing investments" and requires policies based on permanent, "good" public deficits. Journal: International Journal of Political Economy Pages: 5-17 Issue: 3 Volume: 40 Year: 2011 X-DOI: 10.2753/IJP0891-1916400301 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916400301 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:40:y:2011:i:3:p:5-17 Template-Type: ReDIF-Article 1.0 Author-Name: Fred Moseley Author-X-Name-First: Fred Author-X-Name-Last: Moseley Title: The U. S. Economic Crisis Abstract: This paper argues that the fundamental cause of the current economic crisis in the U. S. economy was a significant long-term decline in the rate of profit from the 1950s to the 1970s. Capitalists responded to this profitability crisis by attempting to restore their rate of profit by a variety of strategies, including wages and benefit cuts, inflation, speed-up on the job, and globalization. These strategies have largely restored the rate of profit, but have resulted in stagnant real wages for workers for decades. As a result, household indebtedness has increased to unprecedented levels and must be substantially reduced in order to make a sustainable recovery possible. In addition, increasing indebtedness in the financial sector has greatly increased the instability of the financial system, and this financial indebtedness must also be reduced significantly. In the event of another banking crisis, bankrupt banks should be nationalized and operated in the public interest. Journal: International Journal of Political Economy Pages: 59-71 Issue: 3 Volume: 40 Year: 2011 X-DOI: 10.2753/IJP0891-1916400305 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916400305 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:40:y:2011:i:3:p:59-71 Template-Type: ReDIF-Article 1.0 Author-Name: Guglielmo Davanzati Author-X-Name-First: Guglielmo Author-X-Name-Last: Davanzati Title: Income Distribution and Crisis in a Marxian Schema of the Monetary Circuit Abstract: This paper aims to provide an interpretation of economic crises by superimposing Marxian and institutional issues on the theoretical framework of the monetary theory of production. The dynamics of wages are considered, along with investment and conspicuous consumption on the part of rentiers, in order to show that the current economic crisis ultimately results from the combination of declining wage shares, increasing financial rents, and reduced investment. Journal: International Journal of Political Economy Pages: 33-49 Issue: 3 Volume: 40 Year: 2011 X-DOI: 10.2753/IJP0891-1916400303 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916400303 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:40:y:2011:i:3:p:33-49 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Publisher’s Note Journal: International Journal of Political Economy Pages: 2-2 Issue: 4 Volume: 19 Year: 1989 Month: 12 X-DOI: 10.1080/08911916.1989.11643780 File-URL: http://hdl.handle.net/10.1080/08911916.1989.11643780 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:19:y:1989:i:4:p:2-2 Template-Type: ReDIF-Article 1.0 Author-Name: Paul Mattick Author-X-Name-First: Paul Author-X-Name-Last: Mattick Title: Introduction Journal: International Journal of Political Economy Pages: 3-5 Issue: 4 Volume: 19 Year: 1989 Month: 12 X-DOI: 10.1080/08911916.1989.11643781 File-URL: http://hdl.handle.net/10.1080/08911916.1989.11643781 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:19:y:1989:i:4:p:3-5 Template-Type: ReDIF-Article 1.0 Author-Name: Leo Panitch Author-X-Name-First: Leo Author-X-Name-Last: Panitch Title: The “Depoliticization of the Economy†or the “Democratization of Politicsâ€? Journal: International Journal of Political Economy Pages: 6-31 Issue: 4 Volume: 19 Year: 1989 Month: 12 X-DOI: 10.1080/08911916.1989.11643782 File-URL: http://hdl.handle.net/10.1080/08911916.1989.11643782 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:19:y:1989:i:4:p:6-31 Template-Type: ReDIF-Article 1.0 Author-Name: Louis Lefeber Author-X-Name-First: Louis Author-X-Name-Last: Lefeber Title: The Socialist Experience in Greece Journal: International Journal of Political Economy Pages: 32-55 Issue: 4 Volume: 19 Year: 1989 Month: 12 X-DOI: 10.1080/08911916.1989.11643783 File-URL: http://hdl.handle.net/10.1080/08911916.1989.11643783 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:19:y:1989:i:4:p:32-55 Template-Type: ReDIF-Article 1.0 Author-Name: Tadeusz Kowalik Author-X-Name-First: Tadeusz Author-X-Name-Last: Kowalik Title: Toward a Mixed Socialist Economy Journal: International Journal of Political Economy Pages: 56-77 Issue: 4 Volume: 19 Year: 1989 Month: 12 X-DOI: 10.1080/08911916.1989.11643784 File-URL: http://hdl.handle.net/10.1080/08911916.1989.11643784 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:19:y:1989:i:4:p:56-77 Template-Type: ReDIF-Article 1.0 Author-Name: WÅ‚odzimierz Brus Author-X-Name-First: WÅ‚odzimierz Author-X-Name-Last: Brus Title: The “March into Socialismâ€â€” Journal: International Journal of Political Economy Pages: 78-90 Issue: 4 Volume: 19 Year: 1989 Month: 12 X-DOI: 10.1080/08911916.1989.11643785 File-URL: http://hdl.handle.net/10.1080/08911916.1989.11643785 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:19:y:1989:i:4:p:78-90 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Index to Journal: International Journal of Political Economy Pages: 91-92 Issue: 4 Volume: 19 Year: 1989 Month: 12 X-DOI: 10.1080/08911916.1989.11643786 File-URL: http://hdl.handle.net/10.1080/08911916.1989.11643786 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:19:y:1989:i:4:p:91-92 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Editor’s Note Journal: International Journal of Political Economy Pages: 3-3 Issue: 3 Volume: 28 Year: 1998 Month: 9 X-DOI: 10.1080/08911916.1998.11643967 File-URL: http://hdl.handle.net/10.1080/08911916.1998.11643967 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:28:y:1998:i:3:p:3-3 Template-Type: ReDIF-Article 1.0 Author-Name: Riccardo Bellofiore Author-X-Name-First: Riccardo Author-X-Name-Last: Bellofiore Title: The Concept of Labor in Marx Journal: International Journal of Political Economy Pages: 4-34 Issue: 3 Volume: 28 Year: 1998 Month: 9 X-DOI: 10.1080/08911916.1998.11643968 File-URL: http://hdl.handle.net/10.1080/08911916.1998.11643968 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:28:y:1998:i:3:p:4-34 Template-Type: ReDIF-Article 1.0 Author-Name: Claudio Napoleoni Author-X-Name-First: Claudio Author-X-Name-Last: Napoleoni Title: The Enigma of Value Journal: International Journal of Political Economy Pages: 35-51 Issue: 3 Volume: 28 Year: 1998 Month: 9 X-DOI: 10.1080/08911916.1998.11643969 File-URL: http://hdl.handle.net/10.1080/08911916.1998.11643969 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:28:y:1998:i:3:p:35-51 Template-Type: ReDIF-Article 1.0 Author-Name: Fernando Vianello Author-X-Name-First: Fernando Author-X-Name-Last: Vianello Title: The Broken Link Journal: International Journal of Political Economy Pages: 52-61 Issue: 3 Volume: 28 Year: 1998 Month: 9 X-DOI: 10.1080/08911916.1998.11643970 File-URL: http://hdl.handle.net/10.1080/08911916.1998.11643970 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:28:y:1998:i:3:p:52-61 Template-Type: ReDIF-Article 1.0 Author-Name: Marco Lippi Author-X-Name-First: Marco Author-X-Name-Last: Lippi Title: The Principle of Labor Value Journal: International Journal of Political Economy Pages: 62-73 Issue: 3 Volume: 28 Year: 1998 Month: 9 X-DOI: 10.1080/08911916.1998.11643971 File-URL: http://hdl.handle.net/10.1080/08911916.1998.11643971 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:28:y:1998:i:3:p:62-73 Template-Type: ReDIF-Article 1.0 Author-Name: Lucio Colletti Author-X-Name-First: Lucio Author-X-Name-Last: Colletti Title: Value and Dialectic in Marx Journal: International Journal of Political Economy Pages: 74-83 Issue: 3 Volume: 28 Year: 1998 Month: 9 X-DOI: 10.1080/08911916.1998.11643972 File-URL: http://hdl.handle.net/10.1080/08911916.1998.11643972 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:28:y:1998:i:3:p:74-83 Template-Type: ReDIF-Article 1.0 Author-Name: Elmar Altvater Author-X-Name-First: Elmar Author-X-Name-Last: Altvater Author-Name: Jürgen Hoffmann Author-X-Name-First: Jürgen Author-X-Name-Last: Hoffmann Author-Name: Willi Semmler Author-X-Name-First: Willi Author-X-Name-Last: Semmler Title: Marx’s Value Journal: International Journal of Political Economy Pages: 84-96 Issue: 3 Volume: 28 Year: 1998 Month: 9 X-DOI: 10.1080/08911916.1998.11643973 File-URL: http://hdl.handle.net/10.1080/08911916.1998.11643973 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:28:y:1998:i:3:p:84-96 Template-Type: ReDIF-Article 1.0 Author-Name: Pierangelo Garegnani Author-X-Name-First: Pierangelo Author-X-Name-Last: Garegnani Title: Magic Formulas and Arsenic Powder Journal: International Journal of Political Economy Pages: 97-111 Issue: 3 Volume: 28 Year: 1998 Month: 9 X-DOI: 10.1080/08911916.1998.11643974 File-URL: http://hdl.handle.net/10.1080/08911916.1998.11643974 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:28:y:1998:i:3:p:97-111 Template-Type: ReDIF-Article 1.0 Author-Name: John W. Soule Author-X-Name-First: John W. Author-X-Name-Last: Soule Title: Introduction Journal: International Journal of Political Economy Pages: 3-4 Issue: 3 Volume: 20 Year: 1990 Month: 9 X-DOI: 10.1080/08911916.1990.11643798 File-URL: http://hdl.handle.net/10.1080/08911916.1990.11643798 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:20:y:1990:i:3:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Michael E. Conroy Author-X-Name-First: Michael E. Author-X-Name-Last: Conroy Title: The Political Economy of the 1990 Nicaraguan Elections Journal: International Journal of Political Economy Pages: 5-33 Issue: 3 Volume: 20 Year: 1990 Month: 9 X-DOI: 10.1080/08911916.1990.11643799 File-URL: http://hdl.handle.net/10.1080/08911916.1990.11643799 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:20:y:1990:i:3:p:5-33 Template-Type: ReDIF-Article 1.0 Author-Name: John W. Soule Author-X-Name-First: John W. Author-X-Name-Last: Soule Title: The Economic Austerity Packages of 1988 and Their Impact on Public Opinion Journal: International Journal of Political Economy Pages: 34-45 Issue: 3 Volume: 20 Year: 1990 Month: 9 X-DOI: 10.1080/08911916.1990.11643800 File-URL: http://hdl.handle.net/10.1080/08911916.1990.11643800 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:20:y:1990:i:3:p:34-45 Template-Type: ReDIF-Article 1.0 Author-Name: Michael Zalkin Author-X-Name-First: Michael Author-X-Name-Last: Zalkin Title: The Sandinista Agrarian Reform: 1979–1990? Journal: International Journal of Political Economy Pages: 46-68 Issue: 3 Volume: 20 Year: 1990 Month: 9 X-DOI: 10.1080/08911916.1990.11643801 File-URL: http://hdl.handle.net/10.1080/08911916.1990.11643801 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:20:y:1990:i:3:p:46-68 Template-Type: ReDIF-Article 1.0 Author-Name: James Pfeiffer Author-X-Name-First: James Author-X-Name-Last: Pfeiffer Title: : Workers, Peasants, and Democracy on a Nicaraguan State Farm Journal: International Journal of Political Economy Pages: 69-80 Issue: 3 Volume: 20 Year: 1990 Month: 9 X-DOI: 10.1080/08911916.1990.11643802 File-URL: http://hdl.handle.net/10.1080/08911916.1990.11643802 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:20:y:1990:i:3:p:69-80 Template-Type: ReDIF-Article 1.0 Author-Name: Bill Gibson Author-X-Name-First: Bill Author-X-Name-Last: Gibson Title: Restructuring the Nicaraguan Economy Journal: International Journal of Political Economy Pages: 81-96 Issue: 3 Volume: 20 Year: 1990 Month: 9 X-DOI: 10.1080/08911916.1990.11643803 File-URL: http://hdl.handle.net/10.1080/08911916.1990.11643803 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:20:y:1990:i:3:p:81-96 Template-Type: ReDIF-Article 1.0 Author-Name: León Bendesky Author-X-Name-First: León Author-X-Name-Last: Bendesky Title: Introduction Journal: International Journal of Political Economy Pages: 3-5 Issue: 3 Volume: 24 Year: 1994 Month: 9 X-DOI: 10.1080/08911916.1994.11643884 File-URL: http://hdl.handle.net/10.1080/08911916.1994.11643884 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:24:y:1994:i:3:p:3-5 Template-Type: ReDIF-Article 1.0 Author-Name: Väctor M. Godänez Zúñiga Author-X-Name-First: Väctor M. Godänez Author-X-Name-Last: Zúñiga Title: From the Restoration of Confidence to Restriction of Growth Journal: International Journal of Political Economy Pages: 7-20 Issue: 3 Volume: 24 Year: 1994 Month: 9 X-DOI: 10.1080/08911916.1994.11643885 File-URL: http://hdl.handle.net/10.1080/08911916.1994.11643885 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:24:y:1994:i:3:p:7-20 Template-Type: ReDIF-Article 1.0 Author-Name: Raul Conde Author-X-Name-First: Raul Author-X-Name-Last: Conde Title: The Mexican Strategy of Opening to the External World Journal: International Journal of Political Economy Pages: 21-39 Issue: 3 Volume: 24 Year: 1994 Month: 9 X-DOI: 10.1080/08911916.1994.11643886 File-URL: http://hdl.handle.net/10.1080/08911916.1994.11643886 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:24:y:1994:i:3:p:21-39 Template-Type: ReDIF-Article 1.0 Author-Name: Jorge Alcocer Author-X-Name-First: Jorge Author-X-Name-Last: Alcocer Title: Mexico: Modernity without Equality Journal: International Journal of Political Economy Pages: 41-70 Issue: 3 Volume: 24 Year: 1994 Month: 9 X-DOI: 10.1080/08911916.1994.11643887 File-URL: http://hdl.handle.net/10.1080/08911916.1994.11643887 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:24:y:1994:i:3:p:41-70 Template-Type: ReDIF-Article 1.0 Author-Name: Emilio Zebadúa Author-X-Name-First: Emilio Author-X-Name-Last: Zebadúa Title: The Heralded Revolution Journal: International Journal of Political Economy Pages: 71-85 Issue: 3 Volume: 24 Year: 1994 Month: 9 X-DOI: 10.1080/08911916.1994.11643888 File-URL: http://hdl.handle.net/10.1080/08911916.1994.11643888 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:24:y:1994:i:3:p:71-85 Template-Type: ReDIF-Article 1.0 Author-Name: Alberto Aziz Nassif Author-X-Name-First: Alberto Aziz Author-X-Name-Last: Nassif Title: Mexico, 1994 Journal: International Journal of Political Economy Pages: 87-101 Issue: 3 Volume: 24 Year: 1994 Month: 9 X-DOI: 10.1080/08911916.1994.11643889 File-URL: http://hdl.handle.net/10.1080/08911916.1994.11643889 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:24:y:1994:i:3:p:87-101 Template-Type: ReDIF-Article 1.0 Author-Name: JOAN MARTINEZ-ALIER Author-X-Name-First: JOAN Author-X-Name-Last: MARTINEZ-ALIER Title: Ecological Distribution Conflicts and Indicators of Sustainability Abstract: Journal: International Journal of Political Economy Pages: 13-30 Issue: 1 Volume: 34 Year: 2004 X-DOI: 10.1080/08911916.2004.11042914 File-URL: http://hdl.handle.net/10.1080/08911916.2004.11042914 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:34:y:2004:i:1:p:13-30 Template-Type: ReDIF-Article 1.0 Author-Name: TOR A. BENJAMINSEN Author-X-Name-First: TOR A. Author-X-Name-Last: BENJAMINSEN Author-Name: GUNNVOR BERGE Author-X-Name-First: GUNNVOR Author-X-Name-Last: BERGE Title: Myths of Timbuktu : From African El Dorado to Desertification Abstract: Journal: International Journal of Political Economy Pages: 31-59 Issue: 1 Volume: 34 Year: 2004 X-DOI: 10.1080/08911916.2004.11042915 File-URL: http://hdl.handle.net/10.1080/08911916.2004.11042915 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:34:y:2004:i:1:p:31-59 Template-Type: ReDIF-Article 1.0 Author-Name: MARIANO TORRAS Author-X-Name-First: MARIANO Author-X-Name-Last: TORRAS Title: The Impact of Ecological Inequality on National Well-Being : The Case of Brazil, 1965-1998 Abstract: Journal: International Journal of Political Economy Pages: 75-93 Issue: 1 Volume: 34 Year: 2004 X-DOI: 10.1080/08911916.2004.11042916 File-URL: http://hdl.handle.net/10.1080/08911916.2004.11042916 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:34:y:2004:i:1:p:75-93 Template-Type: ReDIF-Article 1.0 Author-Name: ALAIN LIPIETZ Author-X-Name-First: ALAIN Author-X-Name-Last: LIPIETZ Title: Kyoto, Johannesburg, Baghdad : A Postscript to What Is Political Ecology? Abstract: Journal: International Journal of Political Economy Pages: 60-74 Issue: 1 Volume: 34 Year: 2004 X-DOI: 10.1080/08911916.2004.11042917 File-URL: http://hdl.handle.net/10.1080/08911916.2004.11042917 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:34:y:2004:i:1:p:60-74 Template-Type: ReDIF-Article 1.0 Author-Name: MARIANO TORRAS Author-X-Name-First: MARIANO Author-X-Name-Last: TORRAS Title: Guest Editor's Introduction Abstract: Journal: International Journal of Political Economy Pages: 3-12 Issue: 1 Volume: 34 Year: 2004 X-DOI: 10.1080/08911916.2004.11042918 File-URL: http://hdl.handle.net/10.1080/08911916.2004.11042918 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:34:y:2004:i:1:p:3-12 Template-Type: ReDIF-Article 1.0 Author-Name: MARIEKE RIETHOF Author-X-Name-First: MARIEKE Author-X-Name-Last: RIETHOF Author-Name: ALEX E. FERNÃNDEZ JILBERTO Author-X-Name-First: ALEX E. FERNÃNDEZ Author-X-Name-Last: JILBERTO Title: Guest Editors' Introduction : The Social Impact of Economic Crisis in Latin America Abstract: Journal: International Journal of Political Economy Pages: 3-17 Issue: 2 Volume: 31 Year: 2001 X-DOI: 10.1080/08911916.2001.11042858 File-URL: http://hdl.handle.net/10.1080/08911916.2001.11042858 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:31:y:2001:i:2:p:3-17 Template-Type: ReDIF-Article 1.0 Author-Name: LENNART BAK Author-X-Name-First: LENNART Author-X-Name-Last: BAK Title: Populism and Labor Relations in Venezuela Abstract: Journal: International Journal of Political Economy Pages: 78-98 Issue: 2 Volume: 31 Year: 2001 X-DOI: 10.1080/08911916.2001.11042859 File-URL: http://hdl.handle.net/10.1080/08911916.2001.11042859 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:31:y:2001:i:2:p:78-98 Template-Type: ReDIF-Article 1.0 Author-Name: OSCAR CATALÃN ARAVENA Author-X-Name-First: OSCAR CATALÃN Author-X-Name-Last: ARAVENA Title: Structural Adjustment and the Impact on Income Distribution in Nicaragua Abstract: Journal: International Journal of Political Economy Pages: 18-43 Issue: 2 Volume: 31 Year: 2001 X-DOI: 10.1080/08911916.2001.11042860 File-URL: http://hdl.handle.net/10.1080/08911916.2001.11042860 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:31:y:2001:i:2:p:18-43 Template-Type: ReDIF-Article 1.0 Author-Name: GIUSEPPE SOLFRINI Author-X-Name-First: GIUSEPPE Author-X-Name-Last: SOLFRINI Title: The Peruvian Labor Movement Under Authoritarian Neoliberalism : From Decline to Demise Abstract: Journal: International Journal of Political Economy Pages: 44-77 Issue: 2 Volume: 31 Year: 2001 X-DOI: 10.1080/08911916.2001.11042861 File-URL: http://hdl.handle.net/10.1080/08911916.2001.11042861 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:31:y:2001:i:2:p:44-77 Template-Type: ReDIF-Article 1.0 Author-Name: Cyrus Bina Author-X-Name-First: Cyrus Author-X-Name-Last: Bina Title: The Globalization of Oil: A Prelude to a Critical Political Economy Abstract: Journal: International Journal of Political Economy Pages: 4-34 Issue: 2 Volume: 35 Year: 2006 X-DOI: 10.2753/IJP0891-1916350201 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916350201 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:35:y:2006:i:2:p:4-34 Template-Type: ReDIF-Article 1.0 Author-Name: Edward Shaffer Author-X-Name-First: Edward Author-X-Name-Last: Shaffer Title: Canada's Oil and Imperialism Abstract: Journal: International Journal of Political Economy Pages: 54-71 Issue: 2 Volume: 35 Year: 2006 X-DOI: 10.2753/IJP0891-1916350203 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916350203 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:35:y:2006:i:2:p:54-71 Template-Type: ReDIF-Article 1.0 Author-Name: Mario Seccareccia Author-X-Name-First: Mario Author-X-Name-Last: Seccareccia Title: Editor's Introduction Abstract: Journal: International Journal of Political Economy Pages: 3-3 Issue: 2 Volume: 35 Year: 2006 X-DOI: 10.2753/IJP0891-1916350200 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916350200 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:35:y:2006:i:2:p:3-3 Template-Type: ReDIF-Article 1.0 Author-Name: Hassan Bougrine Author-X-Name-First: Hassan Author-X-Name-Last: Bougrine Title: Oil: Profits of the Chain Keepers Abstract: Journal: International Journal of Political Economy Pages: 35-53 Issue: 2 Volume: 35 Year: 2006 X-DOI: 10.2753/IJP0891-1916350202 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916350202 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:35:y:2006:i:2:p:35-53 Template-Type: ReDIF-Article 1.0 Author-Name: Alicia Puyana Author-X-Name-First: Alicia Author-X-Name-Last: Puyana Title: Mexican Oil Policy and Energy Security Within NAFTA Abstract: Journal: International Journal of Political Economy Pages: 72-97 Issue: 2 Volume: 35 Year: 2006 X-DOI: 10.2753/IJP0891-1916350204 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916350204 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:35:y:2006:i:2:p:72-97 Template-Type: ReDIF-Article 1.0 Author-Name: Alex E. Fernández Jilberto Author-X-Name-First: Alex E. Author-X-Name-Last: Fernández Jilberto Title: Guest Editor’s Introduction Journal: International Journal of Political Economy Pages: 3-8 Issue: 1 Volume: 30 Year: 2000 Month: 3 X-DOI: 10.1080/08911916.2000.11644003 File-URL: http://hdl.handle.net/10.1080/08911916.2000.11644003 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:30:y:2000:i:1:p:3-8 Template-Type: ReDIF-Article 1.0 Author-Name: Dirk Kruijt Author-X-Name-First: Dirk Author-X-Name-Last: Kruijt Title: Guatemala’s Political Transitions, 1960s–1990s Journal: International Journal of Political Economy Pages: 9-35 Issue: 1 Volume: 30 Year: 2000 Month: 3 X-DOI: 10.1080/08911916.2000.11644004 File-URL: http://hdl.handle.net/10.1080/08911916.2000.11644004 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:30:y:2000:i:1:p:9-35 Template-Type: ReDIF-Article 1.0 Author-Name: Chris van der Borgh Author-X-Name-First: Chris Author-X-Name-Last: van der Borgh Title: The Politics of Neoliberalism in Postwar El Salvador Journal: International Journal of Political Economy Pages: 36-54 Issue: 1 Volume: 30 Year: 2000 Month: 3 X-DOI: 10.1080/08911916.2000.11644005 File-URL: http://hdl.handle.net/10.1080/08911916.2000.11644005 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:30:y:2000:i:1:p:36-54 Template-Type: ReDIF-Article 1.0 Author-Name: Oscar Catalán Aravena Author-X-Name-First: Oscar Catalán Author-X-Name-Last: Aravena Title: A Decade of Structural Adjustment in Nicaragua Journal: International Journal of Political Economy Pages: 55-71 Issue: 1 Volume: 30 Year: 2000 Month: 3 X-DOI: 10.1080/08911916.2000.11644006 File-URL: http://hdl.handle.net/10.1080/08911916.2000.11644006 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:30:y:2000:i:1:p:55-71 Template-Type: ReDIF-Article 1.0 Author-Name: Antonio Carmona Author-X-Name-First: Antonio Author-X-Name-Last: Carmona Title: Cuba Journal: International Journal of Political Economy Pages: 72-98 Issue: 1 Volume: 30 Year: 2000 Month: 3 X-DOI: 10.1080/08911916.2000.11644007 File-URL: http://hdl.handle.net/10.1080/08911916.2000.11644007 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:30:y:2000:i:1:p:72-98 Template-Type: ReDIF-Article 1.0 Author-Name: Jesus Ferreiro Author-X-Name-First: Jesus Author-X-Name-Last: Ferreiro Author-Name: Eugenia Correa Author-X-Name-First: Eugenia Author-X-Name-Last: Correa Author-Name: Carmen Gomez Author-X-Name-First: Carmen Author-X-Name-Last: Gomez Title: Has Capital Account Liberalization in Latin American Countries Led to Higher and More Stable Capital Inflows? Abstract: Arguments for capital account liberalization are based on the presumed positive consequences on the economic growth of liberalizing economies. On the basis of those arguments, most Latin American countries have been engaged in intense domestic and international financial liberalization processes during the last two decades. However, the existence of a push in favor of economic growth from capital account liberalization is conditional on higher capital inflows. Mainstream analyses accept as axiom that capital account liberalization would automatically lead to higher and more stable capital inflows. The paper analyses whether capital account liberalization has actually entailed higher and more stable capital inflows in Latin America in the last few decades. Journal: International Journal of Political Economy Pages: 31-63 Issue: 4 Volume: 37 Year: 2008 X-DOI: 10.2753/IJP0891-1916370402 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916370402 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:37:y:2008:i:4:p:31-63 Template-Type: ReDIF-Article 1.0 Author-Name: Jörg Bibow Author-X-Name-First: Jörg Author-X-Name-Last: Bibow Title: Insuring Against Private Capital Flows: Is It Worth the Premium? What Are the Alternatives? Abstract: Following an analysis of the forces behind the so-called "global capital flows paradox" observed in the era of advancing financial globalization, this paper sets out to investigate the opportunity costs of self-insurance through precautionary reserve holdings. We reject the idea of reserves as low-cost protection against the vagaries of global finance. And we also deny that arrangements giving rise to their rapid accumulation may be sustainable in the first place. Alternative policy options open to developing countries are explored, designed to limit both the risks of financial globalization and costs of insurance-type responses. We propose comprehensive capital account management as an alternative to full capital account liberalization. The aims of a permanent regulatory regime of capital controls, both with respect to the aggregate size and the composition of capital flows, are twofold. The first aim is to maintain sufficient macro policy space. The second aim is to assure a good micro fit of external expertise incorporated in FDI with a country's development strategy. Journal: International Journal of Political Economy Pages: 5-30 Issue: 4 Volume: 37 Year: 2008 X-DOI: 10.2753/IJP0891-1916370401 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916370401 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:37:y:2008:i:4:p:5-30 Template-Type: ReDIF-Article 1.0 Author-Name: Carlos da Silva Author-X-Name-First: Carlos Author-X-Name-Last: da Silva Author-Name: MatÃas Vernengo Author-X-Name-First: MatÃas Author-X-Name-Last: Vernengo Title: The Decline of the Exchange Rate Pass-Through in Brazil: Explaining the "Fear of Floating" Abstract: This paper argues that the pass-through in Brazil has fallen compared with estimates in other studies done for earlier time periods, and remains low. Whereas pass-through effects where high and close to 1 in the high-inflation period, they seem to have fallen to around 0.2 after the Real Plan stabilization, a number that is similar to the Import Substitution Industrialization (ISI) period of the 1950s and 1960s. Conventional results suggest that low and stable inflation environments lead to low levels of exchange rate pass-through and thus contribute to weakening the ‘fear of floating’ phenomenon experienced by some developing countries. In spite of lower pass-through effects, the Brazilian Central Bank has maintained high interest rates in order to control the exchange rate. This paper suggests that ‘fear of inflation’ provides justification for the central bank's persistent ‘fear of floating.’ Journal: International Journal of Political Economy Pages: 64-79 Issue: 4 Volume: 37 Year: 2008 X-DOI: 10.2753/IJP0891-1916370403 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916370403 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:37:y:2008:i:4:p:64-79 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Author Index to Volume 37 (Spring 2008-Winter 2008-9) Abstract: Journal: International Journal of Political Economy Pages: 103-104 Issue: 4 Volume: 37 Year: 2008 X-DOI: 10.1080/08911916.2008.11042997 File-URL: http://hdl.handle.net/10.1080/08911916.2008.11042997 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:37:y:2008:i:4:p:103-104 Template-Type: ReDIF-Article 1.0 Author-Name: Mario Seccareccia Author-X-Name-First: Mario Author-X-Name-Last: Seccareccia Title: Editor's Introduction: Financial Flows and Exchange Rate Movement in the Global Economy Abstract: Journal: International Journal of Political Economy Pages: 3-4 Issue: 4 Volume: 37 Year: 2008 X-DOI: 10.2753/IJP0891-1916370400 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916370400 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:37:y:2008:i:4:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Noemi Orlik Author-X-Name-First: Noemi Author-X-Name-Last: Orlik Title: The Effects of External Capital Flows on Developing Countries: Financial Instability or "Wrong" Prices? Abstract: This paper discusses the effects of capital movement on developing economies whose production structures are highly dependent on foreign technology and imports. It is argued that, instead of increasing savings and investment and maximizing economic growth, external capital flows induce financial instability, which modify "key" prices and depress economic activity. This analysis is based on the assumption that money is endogenous and the rate of interest is exogenous; the exchange rate induces inflation with a magnified pass-through effect to consumers, and the rate of interest is a distributional variable whose main objective is to restore financial gains. Journal: International Journal of Political Economy Pages: 80-102 Issue: 4 Volume: 37 Year: 2008 X-DOI: 10.2753/IJP0891-1916370404 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916370404 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:37:y:2008:i:4:p:80-102 Template-Type: ReDIF-Article 1.0 Author-Name: Jamee Moudud Author-X-Name-First: Jamee Author-X-Name-Last: Moudud Title: The Role of the State and Harrod's Abstract: This paper deals with Harrod's fiscal policies to raise the warranted growth rate toward the natural growth rate. Harrod shows that an increase in the budget deficit/GDP ratio raises the short-run growth rate while lowering the warranted growth rate. In order to raise the warranted growth rate Harrod recommends higher tax rates and an increase in public investment. However, given Harrod's own framework these are not unproblematic proposals. This paper resolves some ambiguities in Harrod's analysis and shows how taxation policy, either singly or in combination with a public investment strategy, can raise the warranted growth rate. Following Keynes and others it suggests the relevance of capital budgeting and shows how the warranted growth can be raised via appropriate capital budgeting policies. Journal: International Journal of Political Economy Pages: 35-57 Issue: 1 Volume: 38 Year: 2009 X-DOI: 10.2753/IJP0891-1916380102 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916380102 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:38:y:2009:i:1:p:35-57 Template-Type: ReDIF-Article 1.0 Author-Name: Felipe de Rezende Author-X-Name-First: Felipe Author-X-Name-Last: de Rezende Title: The Nature of Government Finance in Brazil Abstract: The aim of this paper is to focus on the institutional process by which the Brazilian government spends, borrows, and collects taxes. I am going to evaluate the conventional view that taxes finance government spending, that bond sales are financing operations, and that the Brazilian federal government is operationally constrained. This view arises from a misunderstanding of both treasury and central bank operations. Balance sheets are used to show the reserve effects of the treasury and central bank operations and to explain the cooperation between the central bank and the treasury. It concludes that logically taxes and bonds can not finance government spending and that a sovereign government that issues its own non convertible currency can not become insolvent. Journal: International Journal of Political Economy Pages: 81-104 Issue: 1 Volume: 38 Year: 2009 X-DOI: 10.2753/IJP0891-1916380104 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916380104 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:38:y:2009:i:1:p:81-104 Template-Type: ReDIF-Article 1.0 Author-Name: Thomas Ferguson Author-X-Name-First: Thomas Author-X-Name-Last: Ferguson Author-Name: Robert Johnson Author-X-Name-First: Robert Author-X-Name-Last: Johnson Title: Too Big to Bail: The "Paulson Put," Presidential Politics, and the Global Financial Meltdown Abstract: This paper analyzes how a world financial meltdown developed out of U.S. subprime mortgage markets. It outlines how deregulatory initiatives allowed Wall Street to build an entire line of new, risky financial products out of raw materials the mortgage markets supplied. We show how further bipartisan regulatory failures allowed these same firms to take on extreme amounts of leverage, which guaranteed that when a crisis hit, it would be severe. A principle focus is the "Paulson Put"—the effort by the U.S. Treasury secretary to stave off high-profile public financial bailouts until after the 2008 presidential election. The paper shows how the Federal Home Loan Bank System and other government agencies were successfully pressed into service for this purpose—for a while. Journal: International Journal of Political Economy Pages: 3-34 Issue: 1 Volume: 38 Year: 2009 X-DOI: 10.2753/IJP0891-1916380101 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916380101 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:38:y:2009:i:1:p:3-34 Template-Type: ReDIF-Article 1.0 Author-Name: Jean-Marie Harribey Author-X-Name-First: Jean-Marie Author-X-Name-Last: Harribey Title: Expectation, Financing, and Payment of Nonmarket Production Abstract: We try to show that non-marketable services have a non-market monetary value, which is not extracted from the private sector and redirected to the public sector but produced by the latter. Work done in non-marketable services is not exchanged for capital, nor is it exchanged for levied income. Instead, it is exchanged for income that is produced following a collective decision on the expectation of collective needs. Monetary financing is necessary to start up both capitalist activity and public activity. We can therefore distinguish expectation of production, financing of production and payment of production. They are three moments of the dynamic process of production. Thus, it is possible to formulate a political economy of the decommodification of the society. Journal: International Journal of Political Economy Pages: 58-80 Issue: 1 Volume: 38 Year: 2009 X-DOI: 10.2753/IJP0891-1916380103 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916380103 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:38:y:2009:i:1:p:58-80 Template-Type: ReDIF-Article 1.0 Author-Name: Elisabetta De Antoni Author-X-Name-First: Elisabetta Author-X-Name-Last: De Antoni Title: Minsky, Keynes, and Financial Instability Abstract: Minsky was not the faithful interpreter of The General Theory that he supposed himself to be: he applied Keynes's economics to a system with upward instability, intrinsically prone to overindebtedness and overinvestment. From this perspective, Minsky had the indisputable merit of questioning the myth of growth, which in his view (instead of converging to a uniform and constant rate) endogenously evolves into financial fragility, financial crises, debt deflations, and deep depressions. At the same time, however, Minsky banished important issues raised in The General Theory, primarily the tendency of capitalism toward the exhaustion of investment opportunities and stagnation. The recent subprime crisis has been generally interpreted as a "Minsky moment" followed by a "Minsky meltdown." In the 2000s, however, overindebtedness was the source, rather than the by-product, of growth. If this is true, the recent experience does not fit with the core of Minsky's "financial instability hypothesis," according to which overindebtedness is the endogenous result of capitalism's proclivity to growth. What has recently happened would seem to be a Keynesian, rather than Minskian, phenomenon. After all—despite support from technological innovation in the 1990s and from the Federal Reserve in the 2000s—the U.S. economy has failed to avoid a new depression. From Keynes's stagnationist perspective, however, Hyman P. Minsky had the great merit of highlighting the central role of finance and of showing that finance itself can sustain and prolong growth but not prevent (indeed, it even accentuates) the collapse. Journal: International Journal of Political Economy Pages: 10-25 Issue: 2 Volume: 39 Year: 2010 X-DOI: 10.2753/IJP0891-1916390202 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916390202 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:39:y:2010:i:2:p:10-25 Template-Type: ReDIF-Article 1.0 Author-Name: Mario Seccareccia Author-X-Name-First: Mario Author-X-Name-Last: Seccareccia Title: Editor's Introduction Abstract: Journal: International Journal of Political Economy Pages: 3-4 Issue: 2 Volume: 39 Year: 2010 X-DOI: 10.2753/IJP0891-1916390200 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916390200 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:39:y:2010:i:2:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Angel Asensio Author-X-Name-First: Angel Author-X-Name-Last: Asensio Author-Name: Dany Lang Author-X-Name-First: Dany Author-X-Name-Last: Lang Title: The Financial Crisis, Its Economic Consequences, and How to Get Out of It Abstract: This paper proposes a Keynesian view of the current financial crisis, its economic consequences, and solutions to get out of it. We argue that the mainstream economists could not see the crisis coming because of the self-adjusting properties of their economic models. Keynes's theory, on the contrary, emphasizes how fundamental uncertainty inhibits self-regulating mechanisms and is, therefore, far more relevant for understanding the financial and economic meltdowns and finding solutions to solve the current economic issues. We show that the worst thing to do would be to wait blissfully for the automatic return of a purely imaginary "natural order." It is argued in this paper that the memory of the collapse durably curbs all risk-taking decisions; that a degradation of the expected returns of productive investments can even be feared; and that the new regime that may eventually take place may be characterized by relatively high long-term interest rates, a low rate of productive capital accumulation, and significantly high unemployment rates. We argue that this will be the case unless the combined action of the authorities and economic institutions succeed in restoring the "state of confidence," and we suggest leads for how fiscal and monetary policies can do this. Journal: International Journal of Political Economy Pages: 58-69 Issue: 2 Volume: 39 Year: 2010 X-DOI: 10.2753/IJP0891-1916390205 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916390205 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:39:y:2010:i:2:p:58-69 Template-Type: ReDIF-Article 1.0 Author-Name: Louis-Philippe Rochon Author-X-Name-First: Louis-Philippe Author-X-Name-Last: Rochon Author-Name: Sergio Rossi Author-X-Name-First: Sergio Author-X-Name-Last: Rossi Title: Has "It" Happened Again? Abstract: The ongoing global financial crisis, which originated in the United States, quickly spread to a number of countries around the world. Since it began to unravel in the summer of 2007, it has spread with an intensity rarely seen and claimed a great number of victims. The rise of a finance-dominated capitalist system implies profound changes in the way domestic economies operate. In particular, financialization contributed to the decoupling of finance from production as we moved away from a Keynesian production economy to a "predatory" type of financial capitalism, in which the role of banks in particular changed significantly: the bank-firm relationship inherent in the monetary circuit was replaced with a bank-financial market relationship. The financialization of the economy had many important consequences, notably on income distribution, and it is particularly through income distribution that financialization affects economic activity. Throughout this crisis, the profession has rediscovered both Keynes and Minsky, or so it seems. It is against a backdrop of financialization that the Keynesian/Minskyian dimension of the current crisis is discussed in this issue. Journal: International Journal of Political Economy Pages: 5-9 Issue: 2 Volume: 39 Year: 2010 X-DOI: 10.2753/IJP0891-1916390201 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916390201 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:39:y:2010:i:2:p:5-9 Template-Type: ReDIF-Article 1.0 Author-Name: Domenica Tropeano Author-X-Name-First: Domenica Author-X-Name-Last: Tropeano Title: The Current Financial Crisis, Monetary Policy, and Minsky's Structural Instability Hypothesis Abstract: The object of this work is to evaluate the monetary policy issues that arose during the financial crisis of 2007-8 according to Minsky's thought. It is argued that Minsky's idea of structural instability may fit the policy problems linked to the crisis. In particular, Minsky's contribution to the theory of central banking is used to evaluate the conduct of the Federal Reserve during the crisis. Minsky's reading of the roles of the central bank in the presence of sophisticated markets and securitization is helpful in understanding both the failure of the Federal Reserve in preventing the crisis and the relative success in mitigating the effects. This apparent success notwithstanding, the paper warns that economic policy, to promote stability, must enlarge the stability field of the system by changing the type of institutions operating there and their business habits. Journal: International Journal of Political Economy Pages: 41-57 Issue: 2 Volume: 39 Year: 2010 X-DOI: 10.2753/IJP0891-1916390204 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916390204 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:39:y:2010:i:2:p:41-57 Template-Type: ReDIF-Article 1.0 Author-Name: Piero Ferri Author-X-Name-First: Piero Author-X-Name-Last: Ferri Author-Name: AnnaMaria Variato Author-X-Name-First: AnnaMaria Author-X-Name-Last: Variato Title: Financial Fragility, the Minskian Triad, and Economic Dynamics Abstract: This paper emphasizes the relationship between financial fragility and economic dynamics. It uses the Minskian microeconomic categories based on the "triad: hedge, speculative, and Ponzi" finance and puts them into a macro perspective. In this environment, there can be a sharp distinction between solvent systems and crisis equilibria. This dichotomy can be analyzed by means of a regime-switching mechanism. The interaction between financial and real aspects is capable of generating persistent fluctuations that are the natural humus where behavior à la Ponzi can take place and financial instability phenomena are generated. Journal: International Journal of Political Economy Pages: 70-82 Issue: 2 Volume: 39 Year: 2010 X-DOI: 10.2753/IJP0891-1916390206 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916390206 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:39:y:2010:i:2:p:70-82 Template-Type: ReDIF-Article 1.0 Author-Name: Ludovic Desmedt Author-X-Name-First: Ludovic Author-X-Name-Last: Desmedt Author-Name: Pierre Piégay Author-X-Name-First: Pierre Author-X-Name-Last: Piégay Author-Name: Christine Sinapi Author-X-Name-First: Christine Author-X-Name-Last: Sinapi Title: From 2009 to 1929 Abstract: The current and still unfolding crisis of our economic system shows disturbing resemblances to the Great Depression in terms of magnitude, triggering mechanisms, and curative public interventions. This paper compares the experience, mechanisms, and consequences of these two crises in light of the analysis of Fisher, Keynes, and Minsky. This analysis proves very useful for understanding the triggering mechanisms of the current crisis, as well as its propagation mechanisms. It also addresses two dilemmas within the debate about the curative as well as preventive measures for getting out of the crisis and avoiding a new disaster: the dilemma of monetary activism and that of liquidity. Journal: International Journal of Political Economy Pages: 26-40 Issue: 2 Volume: 39 Year: 2010 X-DOI: 10.2753/IJP0891-1916390203 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916390203 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:39:y:2010:i:2:p:26-40 Template-Type: ReDIF-Article 1.0 Author-Name: MARIO SECCARECCIA Author-X-Name-First: MARIO Author-X-Name-Last: SECCARECCIA Title: Editor's Introduction Abstract: Journal: International Journal of Political Economy Pages: 3-3 Issue: 4 Volume: 33 Year: 2003 X-DOI: 10.1080/08911916.2003.11042908 File-URL: http://hdl.handle.net/10.1080/08911916.2003.11042908 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:33:y:2003:i:4:p:3-3 Template-Type: ReDIF-Article 1.0 Author-Name: ANIL HIRA Author-X-Name-First: ANIL Author-X-Name-Last: HIRA Author-Name: THEODORE H. COHN Author-X-Name-First: THEODORE H. Author-X-Name-Last: COHN Title: Toward a Theory of Global Regime Governance Abstract: Journal: International Journal of Political Economy Pages: 4-27 Issue: 4 Volume: 33 Year: 2003 X-DOI: 10.1080/08911916.2003.11042909 File-URL: http://hdl.handle.net/10.1080/08911916.2003.11042909 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:33:y:2003:i:4:p:4-27 Template-Type: ReDIF-Article 1.0 Author-Name: ELIZABETH SMYTHE Author-X-Name-First: ELIZABETH Author-X-Name-Last: SMYTHE Title: Just Say No! : The Negotiation of Investment Rules at the WTO Abstract: Journal: International Journal of Political Economy Pages: 60-83 Issue: 4 Volume: 33 Year: 2003 X-DOI: 10.1080/08911916.2003.11042910 File-URL: http://hdl.handle.net/10.1080/08911916.2003.11042910 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:33:y:2003:i:4:p:60-83 Template-Type: ReDIF-Article 1.0 Author-Name: JEFFREY M. AYRES Author-X-Name-First: JEFFREY M. Author-X-Name-Last: AYRES Title: Global Governance and Civil Society Collective Action : The Challenge of Complex Transnationalism Abstract: Journal: International Journal of Political Economy Pages: 84-100 Issue: 4 Volume: 33 Year: 2003 X-DOI: 10.1080/08911916.2003.11042911 File-URL: http://hdl.handle.net/10.1080/08911916.2003.11042911 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:33:y:2003:i:4:p:84-100 Template-Type: ReDIF-Article 1.0 Author-Name: ANNA LANOSZKA Author-X-Name-First: ANNA Author-X-Name-Last: LANOSZKA Title: Emergence of the New Actors Within the World Trading System : Developing Countries and the Future of Multilateralism Abstract: Journal: International Journal of Political Economy Pages: 43-59 Issue: 4 Volume: 33 Year: 2003 X-DOI: 10.1080/08911916.2003.11042912 File-URL: http://hdl.handle.net/10.1080/08911916.2003.11042912 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:33:y:2003:i:4:p:43-59 Template-Type: ReDIF-Article 1.0 Author-Name: KATHRYN C. LAVELLE Author-X-Name-First: KATHRYN C. Author-X-Name-Last: LAVELLE Title: Participating in the Governance of Trade : The GATT, UNCTAD, and WTO Abstract: Journal: International Journal of Political Economy Pages: 28-42 Issue: 4 Volume: 33 Year: 2003 X-DOI: 10.1080/08911916.2003.11042913 File-URL: http://hdl.handle.net/10.1080/08911916.2003.11042913 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:33:y:2003:i:4:p:28-42 Template-Type: ReDIF-Article 1.0 Author-Name: Thomas R. Michl Author-X-Name-First: Thomas R. Author-X-Name-Last: Michl Title: Rentier Consumption and Neoliberal Capitalism Abstract: This article puts forward a theoretical model and some empirical evidence arguing that a central contradiction of neoliberal capitalism arises from changes in financial structure and corporate governance that have simultaneously effected a massive redistribution of income from workers toward corporate profits and the incomes of C-level executives while diverting corporate managers from the forms of real investment spending that could potentially relieve the shortages of aggregate demand that are inevitably generated when real wage growth becomes uncoupled from productivity growth. As a result, the neoliberal model of capitalism relies on the consumption spending of a capitalist class responding rentier-style to wealth effects from a rising and historically high corporate valuation or q-ratio. This model of capitalism has proved to be unworkable at the zero lower bound on interest rates, which explains the emergence of secular stagnation. Journal: International Journal of Political Economy Pages: 182-199 Issue: 3 Volume: 45 Year: 2016 Month: 7 X-DOI: 10.1080/08911916.2016.1220141 File-URL: http://hdl.handle.net/10.1080/08911916.2016.1220141 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:45:y:2016:i:3:p:182-199 Template-Type: ReDIF-Article 1.0 Author-Name: Lance Taylor Author-X-Name-First: Lance Author-X-Name-Last: Taylor Title: Veiled Repression Abstract: The Cambridge (UK) versus U.S. capital theory debates of the 1960s showed that the workhorse mainstream growth model relies on unsustainable assumptions. Its standard interpretation is not consistent with the past four decades of data. Part of an estimated increase in the ratio of personal wealth to income in recent years is due to higher asset prices. The other side of the accounts reveals that financialization and growing business debt partially offset the greater net worth of households. Attempts to interpret growth in wealth principally as a consequence of capitalization of rents are misleading, but capitalization of a rising profit share helps explain an upward trend in Tobin’s q. Growth models based on Cambridge ideas can help correct these misinterpretations. Journal: International Journal of Political Economy Pages: 167-181 Issue: 3 Volume: 45 Year: 2016 Month: 7 X-DOI: 10.1080/08911916.2016.1220151 File-URL: http://hdl.handle.net/10.1080/08911916.2016.1220151 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:45:y:2016:i:3:p:167-181 Template-Type: ReDIF-Article 1.0 Author-Name: Mario Seccareccia Author-X-Name-First: Mario Author-X-Name-Last: Seccareccia Author-Name: Marc Lavoie Author-X-Name-First: Marc Author-X-Name-Last: Lavoie Title: Income Distribution, Rentiers, and Their Role in a Capitalist Economy Abstract: The paper reviews some of the important developments since the financial crisis both on the issue of secular stagnation, as put forth by Lawrence Summers (2014a), and the rising share of profit as put forth by Thomas Piketty (2014), and it also seeks to tackle the issue of income distribution in a Keynes–Pasinetti perspective that offers important Keynesian analytics of the cyclical and long-term interaction between the rentier and the nonrentier sectors. This alternative Keynesian perspective on income distribution serves to shed light, both theoretically and empirically, on the specific evolution of this socioeconomic interaction, by analyzing time series over long historical periods for both the United States and Canada going back to before the Great Depression. It also seeks to better frame the well-known policy perspective on the euthanasia of the rentiers espoused by Keynes in the General Theory. Journal: International Journal of Political Economy Pages: 200-223 Issue: 3 Volume: 45 Year: 2016 Month: 7 X-DOI: 10.1080/08911916.2016.1230447 File-URL: http://hdl.handle.net/10.1080/08911916.2016.1230447 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:45:y:2016:i:3:p:200-223 Template-Type: ReDIF-Article 1.0 Author-Name: Rishabh Kumar Author-X-Name-First: Rishabh Author-X-Name-Last: Kumar Title: Personal Savings from Top Incomes and Household Wealth Accumulation in the United States Abstract: This article explores the determinants and distribution of household wealth. Looking at U.S. data since 1980, it finds convincing evidence that top incomes were saved at high rates and contributed to the steady increase in the household wealth–income ratio. First, I rule out counterclaims regarding the role of housing and real estate prices finding little evidence of their influence on the trends and magnitudes of household net worth relative to disposable income. With savings as the remaining explanation, I present an accounting decomposition formula that captures savings rates for any reference group using the dynamics of intergroup accumulation rates. This methodology is applied to data from national accounts, balance sheets, and income distribution statistics in order to compute saving rates for the top 1 percent of households in the U.S. income distribution. The estimates also support the idea that top income earners have outsaved other households, thereby capturing an increasing share of wealth. Journal: International Journal of Political Economy Pages: 224-240 Issue: 3 Volume: 45 Year: 2016 Month: 7 X-DOI: 10.1080/08911916.2016.1230448 File-URL: http://hdl.handle.net/10.1080/08911916.2016.1230448 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:45:y:2016:i:3:p:224-240 Template-Type: ReDIF-Article 1.0 Author-Name: Domenica Tropeano Author-X-Name-First: Domenica Author-X-Name-Last: Tropeano Title: Hedging, Arbitrage, and the Financialization of Commodities Markets Abstract: The article provides an overview of the unfolding of the financialization of commodities in the 2000–2014 time frame. Different phases are described according to the positioning of the group of traders, their motivations, and the type of financial assets used to take a position in commodities. The main theme is the failure of arbitrage to level prices of similar financial assets traded in different markets. However, this failure does not depend on financing constraints suffered by arbitrageurs. Following Mirowski (2010) it is shown that arbitrage becomes a form of financial innovation rather than an equilibrating mechanism in contemporary financial markets. Historical accidents and changes in policy affect the positions of groups in the financial market game. The various strategies used are explained by creating a set of T-accounts for the various groups that highlight the winners and the losers in the various phases. Journal: International Journal of Political Economy Pages: 241-256 Issue: 3 Volume: 45 Year: 2016 Month: 7 X-DOI: 10.1080/08911916.2016.1238161 File-URL: http://hdl.handle.net/10.1080/08911916.2016.1238161 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:45:y:2016:i:3:p:241-256 Template-Type: ReDIF-Article 1.0 Author-Name: Fletcher Baragar Author-X-Name-First: Fletcher Author-X-Name-Last: Baragar Author-Name: Robert Chernomas Author-X-Name-First: Robert Author-X-Name-Last: Chernomas Title: Profit Without Accumulation Abstract: The first depression of the twenty-first century appears to contain some unusual properties in the United States. In the midst of an economy in its fourth year of oscillating between stagnation and recession, the companies in the Standard & Poor's 500 stock index were expected to report record profits in 2011, and corporate profit as a share of the economy is at a fifty-year high. Productivity growth in the past decade, at more than 2.5 percent, is higher than in the 1970s, 1980s, and 1990s. And yet there is little appetite or competitive drive to invest. Two questions come to mind: Why are profits high, and why not invest them? High rates of exploitation, low taxes, and speculation generate high profits in production, and rents captured from debt-laden households and commodity prices explain the high profitability. The divorce of the capitalist class from its domestic economy, the debts of which are so high as to make investments too uncertain, explains the low investment rate. The paper examines the theoretical implications of these developments, with particular attention to their implications for theorizing the capitalist drive to accumulate. Journal: International Journal of Political Economy Pages: 24-40 Issue: 3 Volume: 41 Year: 2012 X-DOI: 10.2753/IJP0891-1916410302 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916410302 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:41:y:2012:i:3:p:24-40 Template-Type: ReDIF-Article 1.0 Author-Name: Gyun Gu Author-X-Name-First: Gyun Author-X-Name-Last: Gu Title: The Dynamics of Manufacturing-Sector Profit Rates in Seven Industrialized Countries Abstract: With a focus on the manufacturing sector across some member countries of the Organization for Economic Cooperation and Development (OECD), the rate of surplus value and the rate of profit are broken down into analytical components to help understand what has produced their differences among the industrialized countries during the past thirty years. In so doing, the paper illuminates the relationship between the conventional, flow, and political-economy rate of profit. It concludes that the rate of surplus value plays a significant role—to a similar degree across the countries—in determining the profit-rate growth, but capitalist methods to extract surplus value from productive labor vary greatly from country to country, which implies that capitalist means and procedures are produced in a highly complex way by country-specific social, political, economic, and cultural processes. Journal: International Journal of Political Economy Pages: 69-94 Issue: 3 Volume: 41 Year: 2012 X-DOI: 10.2753/IJP0891-1916410304 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916410304 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:41:y:2012:i:3:p:69-94 Template-Type: ReDIF-Article 1.0 Author-Name: Davide Gualerzi Author-X-Name-First: Davide Author-X-Name-Last: Gualerzi Title: Development Economics Abstract: The paper is part of a larger project aimed at revitalizing what Paul Krugman has called "high development theory." It examines the roots of development economics, focusing on the seminal contributions of Europeans who emigrated to the UK and the United States in the 1930s. That body of theory became very influential in the 1950s and 1960s. It was virtually pushed out of economic theory and research by the new trends in economic analysis. Krugman has a particular viewpoint on the reasons for this demise. The problem is that high development theory was, in essence, discursive and nonmathematical. Discussing the reasons for this dismissal, Krugman identifies a basic model in which modernization is a self-sustaining process centered on the interaction between scale economies and market size. That is hard to fit into standard competitive analysis and so, he argues, it was abandoned. There is, however, much more than that to the history and theory of development economics. The paper examines in particular the views of Albert Hirschman and his analysis of induced investment and development as a chain of disequilibria. The paper argues that a possibly fruitful way to update and advance the original insight of development economics is to focus on the process of market formation and calls attention to the different ways the question can be articulated in developed and developing economies. In developed economies, the main problem is to overcome the tendency toward market saturation. In developing economies the main problem is to build up the domestic market. Constraints may arise from income distribution, social conflicts, and environmental problems. The focus on market formation helps to shape a research agenda that, while "rethinking" development economics, can address the formidable challenges posed by the development of a heterogeneous periphery dominated by the new giants in Asia and Latin America. Journal: International Journal of Political Economy Pages: 3-23 Issue: 3 Volume: 41 Year: 2012 X-DOI: 10.2753/IJP0891-1916410301 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916410301 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:41:y:2012:i:3:p:3-23 Template-Type: ReDIF-Article 1.0 Author-Name: Arturo Guillén Author-X-Name-First: Arturo Author-X-Name-Last: Guillén Title: Europe: The Crisis Within a Crisis Abstract: The European crisis is not a new crisis but an extension of the global crisis that started in 2007. It represents the third stage of the global crisis and is characterized by a combination of signs of productive recovery in some countries with recession in others, by the reproduction of the neoliberal orthodoxy in the economic policy of the major countries, and the formation of new areas of speculative bubbles and financial fragility. There are many institutional weaknesses in the European Union following the crisis: the lack of a lender of last resort; the neoliberal configuration of the institutional framework; the absence of mechanisms that would permit governments to reduce budget deficits other than through deflationary methods; and the lack of fiscal coordination. However, the problems of the European Union go beyond these institutional deficiencies: there are contradictions and difficulties on the structural level that go back to the beginning of the integration process. The main problem is that the euro, in contrast to the currencies of the developed countries (dollar, pound, yen), has no regional productive system, and much less a state, behind it. Journal: International Journal of Political Economy Pages: 41-68 Issue: 3 Volume: 41 Year: 2012 X-DOI: 10.2753/IJP0891-1916410303 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916410303 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:41:y:2012:i:3:p:41-68 Template-Type: ReDIF-Article 1.0 Author-Name: León Bendesky Author-X-Name-First: León Author-X-Name-Last: Bendesky Title: Introduction Journal: International Journal of Political Economy Pages: 3-8 Issue: 4 Volume: 18 Year: 1988 Month: 12 X-DOI: 10.1080/08911916.1988.11643762 File-URL: http://hdl.handle.net/10.1080/08911916.1988.11643762 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:18:y:1988:i:4:p:3-8 Template-Type: ReDIF-Article 1.0 Author-Name: Martin Puchet Anyul Author-X-Name-First: Martin Puchet Author-X-Name-Last: Anyul Title: A Methodological Approach to Political-Economic Conflicts Journal: International Journal of Political Economy Pages: 9-36 Issue: 4 Volume: 18 Year: 1988 Month: 12 X-DOI: 10.1080/08911916.1988.11643763 File-URL: http://hdl.handle.net/10.1080/08911916.1988.11643763 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:18:y:1988:i:4:p:9-36 Template-Type: ReDIF-Article 1.0 Author-Name: León Bendesky Author-X-Name-First: León Author-X-Name-Last: Bendesky Title: The Conflict of the Latin American Foreign Debt Journal: International Journal of Political Economy Pages: 37-55 Issue: 4 Volume: 18 Year: 1988 Month: 12 X-DOI: 10.1080/08911916.1988.11643764 File-URL: http://hdl.handle.net/10.1080/08911916.1988.11643764 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:18:y:1988:i:4:p:37-55 Template-Type: ReDIF-Article 1.0 Author-Name: Victor M. GodÃnez Author-X-Name-First: Victor M. Author-X-Name-Last: GodÃnez Title: Mexico’s Foreign Debt: Managing a Conflict (1973–1987) Journal: International Journal of Political Economy Pages: 56-79 Issue: 4 Volume: 18 Year: 1988 Month: 12 X-DOI: 10.1080/08911916.1988.11643765 File-URL: http://hdl.handle.net/10.1080/08911916.1988.11643765 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:18:y:1988:i:4:p:56-79 Template-Type: ReDIF-Article 1.0 Author-Name: Carlos Ominami Author-X-Name-First: Carlos Author-X-Name-Last: Ominami Title: North–South Relations in the 1980s: The Return of Imperialism? Journal: International Journal of Political Economy Pages: 80-112 Issue: 4 Volume: 18 Year: 1988 Month: 12 X-DOI: 10.1080/08911916.1988.11643766 File-URL: http://hdl.handle.net/10.1080/08911916.1988.11643766 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:18:y:1988:i:4:p:80-112 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Index to Volume 18, (Spring 1988—Winter 1988-89) Journal: International Journal of Political Economy Pages: 113-115 Issue: 4 Volume: 18 Year: 1988 Month: 12 X-DOI: 10.1080/08911916.1988.11643767 File-URL: http://hdl.handle.net/10.1080/08911916.1988.11643767 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:18:y:1988:i:4:p:113-115 Template-Type: ReDIF-Article 1.0 Author-Name: Magnus Ryner Author-X-Name-First: Magnus Author-X-Name-Last: Ryner Author-Name: Henk Overbeek Author-X-Name-First: Henk Author-X-Name-Last: Overbeek Author-Name: Otto Holman Author-X-Name-First: Otto Author-X-Name-Last: Holman Title: Guest Editors’ Introduction Journal: International Journal of Political Economy Pages: 3-11 Issue: 2 Volume: 28 Year: 1998 Month: 6 X-DOI: 10.1080/08911916.1998.11643963 File-URL: http://hdl.handle.net/10.1080/08911916.1998.11643963 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:28:y:1998:i:2:p:3-11 Template-Type: ReDIF-Article 1.0 Author-Name: Otto Holman Author-X-Name-First: Otto Author-X-Name-Last: Holman Title: Integrating Eastern Europe Journal: International Journal of Political Economy Pages: 12-43 Issue: 2 Volume: 28 Year: 1998 Month: 6 X-DOI: 10.1080/08911916.1998.11643964 File-URL: http://hdl.handle.net/10.1080/08911916.1998.11643964 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:28:y:1998:i:2:p:12-43 Template-Type: ReDIF-Article 1.0 Author-Name: Nilgün Önder Author-X-Name-First: Nilgün Author-X-Name-Last: Önder Title: Integrating with the Global Market: The State and the Crisis of Political Representation Journal: International Journal of Political Economy Pages: 44-84 Issue: 2 Volume: 28 Year: 1998 Month: 6 X-DOI: 10.1080/08911916.1998.11643965 File-URL: http://hdl.handle.net/10.1080/08911916.1998.11643965 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:28:y:1998:i:2:p:44-84 Template-Type: ReDIF-Article 1.0 Author-Name: Magnus Ryner Author-X-Name-First: Magnus Author-X-Name-Last: Ryner Title: Maastricht Convergence in the Social and Christian Democratic Heartland Journal: International Journal of Political Economy Pages: 85-123 Issue: 2 Volume: 28 Year: 1998 Month: 6 X-DOI: 10.1080/08911916.1998.11643966 File-URL: http://hdl.handle.net/10.1080/08911916.1998.11643966 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:28:y:1998:i:2:p:85-123 Template-Type: ReDIF-Article 1.0 Author-Name: Chris Howell Author-X-Name-First: Chris Author-X-Name-Last: Howell Author-Name: Anthony Daley Author-X-Name-First: Anthony Author-X-Name-Last: Daley Title: Introduction Journal: International Journal of Political Economy Pages: 3-16 Issue: 4 Volume: 22 Year: 1992 Month: 12 X-DOI: 10.1080/08911916.1992.11643845 File-URL: http://hdl.handle.net/10.1080/08911916.1992.11643845 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:22:y:1992:i:4:p:3-16 Template-Type: ReDIF-Article 1.0 Author-Name: Chris Howell Author-X-Name-First: Chris Author-X-Name-Last: Howell Title: Family or Just Good Friends? Journal: International Journal of Political Economy Pages: 17-35 Issue: 4 Volume: 22 Year: 1992 Month: 12 X-DOI: 10.1080/08911916.1992.11643846 File-URL: http://hdl.handle.net/10.1080/08911916.1992.11643846 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:22:y:1992:i:4:p:17-35 Template-Type: ReDIF-Article 1.0 Author-Name: Stephen J. Silvia Author-X-Name-First: Stephen J. Author-X-Name-Last: Silvia Title: The Forward Retreat Journal: International Journal of Political Economy Pages: 36-52 Issue: 4 Volume: 22 Year: 1992 Month: 12 X-DOI: 10.1080/08911916.1992.11643847 File-URL: http://hdl.handle.net/10.1080/08911916.1992.11643847 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:22:y:1992:i:4:p:36-52 Template-Type: ReDIF-Article 1.0 Author-Name: Anthony Daley Author-X-Name-First: Anthony Author-X-Name-Last: Daley Title: Remembrance of Things Past Journal: International Journal of Political Economy Pages: 53-71 Issue: 4 Volume: 22 Year: 1992 Month: 12 X-DOI: 10.1080/08911916.1992.11643848 File-URL: http://hdl.handle.net/10.1080/08911916.1992.11643848 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:22:y:1992:i:4:p:53-71 Template-Type: ReDIF-Article 1.0 Author-Name: Lynne Wozniak Author-X-Name-First: Lynne Author-X-Name-Last: Wozniak Title: The Dissolution of Party–Union Relations in Spain Journal: International Journal of Political Economy Pages: 73-90 Issue: 4 Volume: 22 Year: 1992 Month: 12 X-DOI: 10.1080/08911916.1992.11643849 File-URL: http://hdl.handle.net/10.1080/08911916.1992.11643849 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:22:y:1992:i:4:p:73-90 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Author Index to , Volume 22 (Spring 1992–Winter 1992–93) Journal: International Journal of Political Economy Pages: 91-92 Issue: 4 Volume: 22 Year: 1992 Month: 12 X-DOI: 10.1080/08911916.1992.11643850 File-URL: http://hdl.handle.net/10.1080/08911916.1992.11643850 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:22:y:1992:i:4:p:91-92 Template-Type: ReDIF-Article 1.0 Author-Name: Alex E. Fernández Jilberto Author-X-Name-First: Alex E. Fernández Author-X-Name-Last: Jilberto Author-Name: Barbara Hogenboom Author-X-Name-First: Barbara Author-X-Name-Last: Hogenboom Title: Latin American Experiences with Open Regionalism Journal: International Journal of Political Economy Pages: 3-13 Issue: 4 Volume: 26 Year: 1996 Month: 12 X-DOI: 10.1080/08911916.1996.11643933 File-URL: http://hdl.handle.net/10.1080/08911916.1996.11643933 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:26:y:1996:i:4:p:3-13 Template-Type: ReDIF-Article 1.0 Author-Name: Barbara Hogenboom Author-X-Name-First: Barbara Author-X-Name-Last: Hogenboom Title: Mexico Journal: International Journal of Political Economy Pages: 14-36 Issue: 4 Volume: 26 Year: 1996 Month: 12 X-DOI: 10.1080/08911916.1996.11643934 File-URL: http://hdl.handle.net/10.1080/08911916.1996.11643934 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:26:y:1996:i:4:p:14-36 Template-Type: ReDIF-Article 1.0 Author-Name: Oscar Catalán Aravena Author-X-Name-First: Oscar Catalán Author-X-Name-Last: Aravena Title: The Revitalization of the Central American Common Market Journal: International Journal of Political Economy Pages: 37-55 Issue: 4 Volume: 26 Year: 1996 Month: 12 X-DOI: 10.1080/08911916.1996.11643935 File-URL: http://hdl.handle.net/10.1080/08911916.1996.11643935 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:26:y:1996:i:4:p:37-55 Template-Type: ReDIF-Article 1.0 Author-Name: Miguel Teubal Author-X-Name-First: Miguel Author-X-Name-Last: Teubal Title: MERCOSUR, Argentina, and Regional Integration Processes Journal: International Journal of Political Economy Pages: 56-70 Issue: 4 Volume: 26 Year: 1996 Month: 12 X-DOI: 10.1080/08911916.1996.11643936 File-URL: http://hdl.handle.net/10.1080/08911916.1996.11643936 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:26:y:1996:i:4:p:56-70 Template-Type: ReDIF-Article 1.0 Author-Name: Alex E. Fernández Jilberto Author-X-Name-First: Alex E. Author-X-Name-Last: Fernández Jilberto Title: Open Regionalism and Democratic Transition in Chile Journal: International Journal of Political Economy Pages: 71-95 Issue: 4 Volume: 26 Year: 1996 Month: 12 X-DOI: 10.1080/08911916.1996.11643937 File-URL: http://hdl.handle.net/10.1080/08911916.1996.11643937 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:26:y:1996:i:4:p:71-95 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Author Index to , Volume 26 (Spring 1996—Winter 1996–97) Journal: International Journal of Political Economy Pages: 96-97 Issue: 4 Volume: 26 Year: 1996 Month: 12 X-DOI: 10.1080/08911916.1996.11643938 File-URL: http://hdl.handle.net/10.1080/08911916.1996.11643938 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:26:y:1996:i:4:p:96-97 Template-Type: ReDIF-Article 1.0 Author-Name: Koji Morioka Author-X-Name-First: Koji Author-X-Name-Last: Morioka Title: Guest Editor’s Introduction Journal: International Journal of Political Economy Pages: 3-7 Issue: 1 Volume: 29 Year: 1999 Month: 3 X-DOI: 10.1080/08911916.1999.11643982 File-URL: http://hdl.handle.net/10.1080/08911916.1999.11643982 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:29:y:1999:i:1:p:3-7 Template-Type: ReDIF-Article 1.0 Author-Name: Koji Morioka Author-X-Name-First: Koji Author-X-Name-Last: Morioka Title: Causes and Consequences of the Japanese Depression of the 1990s Journal: International Journal of Political Economy Pages: 8-25 Issue: 1 Volume: 29 Year: 1999 Month: 3 X-DOI: 10.1080/08911916.1999.11643983 File-URL: http://hdl.handle.net/10.1080/08911916.1999.11643983 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:29:y:1999:i:1:p:8-25 Template-Type: ReDIF-Article 1.0 Author-Name: Hiromi Tsuruta Author-X-Name-First: Hiromi Author-X-Name-Last: Tsuruta Title: The Bubble Economy and Financial Crisis in Japan Journal: International Journal of Political Economy Pages: 26-48 Issue: 1 Volume: 29 Year: 1999 Month: 3 X-DOI: 10.1080/08911916.1999.11643984 File-URL: http://hdl.handle.net/10.1080/08911916.1999.11643984 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:29:y:1999:i:1:p:26-48 Template-Type: ReDIF-Article 1.0 Author-Name: Kazumichi Goka Author-X-Name-First: Kazumichi Author-X-Name-Last: Goka Title: Unemployment and Irregular Employment under Restructuring in Today’s Japan Journal: International Journal of Political Economy Pages: 49-64 Issue: 1 Volume: 29 Year: 1999 Month: 3 X-DOI: 10.1080/08911916.1999.11643985 File-URL: http://hdl.handle.net/10.1080/08911916.1999.11643985 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:29:y:1999:i:1:p:49-64 Template-Type: ReDIF-Article 1.0 Author-Name: Akira Shigemori Author-X-Name-First: Akira Author-X-Name-Last: Shigemori Title: The Collapse of the Bubble Economy and the Local Fiscal Crisis Journal: International Journal of Political Economy Pages: 65-86 Issue: 1 Volume: 29 Year: 1999 Month: 3 X-DOI: 10.1080/08911916.1999.11643986 File-URL: http://hdl.handle.net/10.1080/08911916.1999.11643986 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:29:y:1999:i:1:p:65-86 Template-Type: ReDIF-Article 1.0 Author-Name: Orsola Costantini Author-X-Name-First: Orsola Author-X-Name-Last: Costantini Title: Minisymposium on Development in Theory and Practice: Editor’s Introduction Journal: International Journal of Political Economy Pages: 93-94 Issue: 2 Volume: 47 Year: 2018 Month: 4 X-DOI: 10.1080/08911916.2018.1497465 File-URL: http://hdl.handle.net/10.1080/08911916.2018.1497465 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:47:y:2018:i:2:p:93-94 Template-Type: ReDIF-Article 1.0 Author-Name: Irene L. Gendzier Author-X-Name-First: Irene L. Author-X-Name-Last: Gendzier Title: The Question of Development Abstract: Development policies and accompanying theories were an integral part of postwar U.S. foreign policy, designed to deal with the challenges of decolonization and the emergence of independent Third World states. They provided a model for the transition from traditional to modern societies that relied on the works of economists, sociologists, and political scientists, who formed part of the informal collective of modernization scholars identified with major academic institutions. Their objectives were closely aligned with those of U.S. foreign policy. Under very different national and global circumstances, there has been a revival of development and modernization policies that rest on claims of American “exceptionalism†and the commitment to export democracy. In practice, the implementation of such policies has less to do with promoting democracy than assuring compatible political and economic alignments in the states involved. The article that follows offers a critical analysis of the origins and nature of development and modernization policies in both postwar and later years. Journal: International Journal of Political Economy Pages: 95-111 Issue: 2 Volume: 47 Year: 2018 Month: 4 X-DOI: 10.1080/08911916.2018.1497466 File-URL: http://hdl.handle.net/10.1080/08911916.2018.1497466 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:47:y:2018:i:2:p:95-111 Template-Type: ReDIF-Article 1.0 Author-Name: Salewa Olawoye Author-X-Name-First: Salewa Author-X-Name-Last: Olawoye Title: Resource Funds: Another Side of the Austerity Die Abstract: This article analyzes the trend of resource funds adoption among extraction economies. Using commodity-based sovereign wealth funds as a reference point, the article analyzes Norway’s success story in using its funds to foster development and its influence in Sub-Saharan Africa. The prevalent investment strategy of savings in financial assets abroad could be ideal, especially with respect to the intergenerational wealth transfer. However, this is not advisable for a country that still lacks basic needs. The austerity-like measures introduced to build these funds entail a reduction in current spending and/or an increase in natural resource taxes. The aim is to show that this system of hoarding, rather than reinvestments, poses several risks that a developing country cannot afford. Journal: International Journal of Political Economy Pages: 112-129 Issue: 2 Volume: 47 Year: 2018 Month: 4 X-DOI: 10.1080/08911916.2018.1497469 File-URL: http://hdl.handle.net/10.1080/08911916.2018.1497469 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:47:y:2018:i:2:p:112-129 Template-Type: ReDIF-Article 1.0 Author-Name: Douglas A. Yates Author-X-Name-First: Douglas A. Author-X-Name-Last: Yates Title: Paradoxes of Predation in Francophone Africa Abstract: Francophone sub-Saharan Africa today consists of 17 countries in which French is the main language of politics and government. While the French colonial empire no longer exists as a formal structure, the legacy of its former empire continues to influence French African policy. Through its cultural imperialism the common imprint of France upon this immense region is expressed in the French language, as well as its accompanying traditions of law, administration, and education. Through an ingenious system of bilateral cooperation accords, France has installed privileged relations with its former African colonies in culture, education, natural resources, aid, trade, finance, security, defense, and a common currency. Through continuous military interventions, France has perpetuated its strategic armed dominance. France is the only member of the UN Security Council to have an explicitly “African policy.†But the economic importance of Africa to France’s foreign policy must be understood as less about its macroeconomic importance to France as a whole than about its profitability to a small predatory lobby of influential French actors who conduct scandalous “African affairs.†Journal: International Journal of Political Economy Pages: 130-150 Issue: 2 Volume: 47 Year: 2018 Month: 4 X-DOI: 10.1080/08911916.2018.1497505 File-URL: http://hdl.handle.net/10.1080/08911916.2018.1497505 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:47:y:2018:i:2:p:130-150 Template-Type: ReDIF-Article 1.0 Author-Name: Emmanuel Carré Author-X-Name-First: Emmanuel Author-X-Name-Last: Carré Author-Name: Marie-Sophie Gauvin Author-X-Name-First: Marie-Sophie Author-X-Name-Last: Gauvin Title: Financial Crisis: The Capture of Central Banks by the Financial Sector? Abstract: This article analyzes the question of whether central bank capture by the financial sector has increased in the aftermath of the financial crisis beginning in 2007. According to the Public Choice theory, this is inevitable: The financial sector has an increased incentive to capture the central bank for interest rates hikes, inter alia, to prevent inflationary pressures from unconventional monetary policies. On the contrary, for the Post-Keynesian democratic school, this is likely but not inevitable because central bank capture is a complex phenomenon depending on a contest between several actors. The relative ability of the financial sector to affect central bank interest rates, and in which direction it desired to do so, can be time varying. Motivated by profitability, the financial sector can be interested in either interest rate hikes or cuts. This article investigates empirically this theoretical debate for the period from January 1999 to December 2016 for the European Central Bank’s Governing Council, the Federal Reserve’s Board of Governors, and the Monetary Policy Committee of the Bank of England. We participate in this debate first by constructing, as standard in the literature, an F index indicating the ratio of central bankers with financial career background. Secondly, we test empirically the competing hypotheses on the capture of the central bank interest rate by estimating its relationship with our F index. Results are more favorable to the democratic school. Journal: International Journal of Political Economy Pages: 151-177 Issue: 2 Volume: 47 Year: 2018 Month: 4 X-DOI: 10.1080/08911916.2018.1497576 File-URL: http://hdl.handle.net/10.1080/08911916.2018.1497576 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:47:y:2018:i:2:p:151-177 Template-Type: ReDIF-Article 1.0 Author-Name: Thereza Balliester Reis Author-X-Name-First: Thereza Author-X-Name-Last: Balliester Reis Title: Why Are Policy Real Interest Rates So High in Brazil? An Analysis of the Determinants of the Central Bank of Brazil’s Real Interest Rate Abstract: This article discusses the determinants of Brazil’s high policy real interest rates by considering two opposing views, the orthodox and heterodox approaches. While orthodox authors defend the position that bad domestic policies are the cause of the high interest rate, heterodox economists claim that the international financial system and orthodox policies influence the level of the policy rate in Brazil. The aim of this study is to assess whether the proposed arguments can be supported when comparing Brazilian real interest rates with other developing countries under the same monetary regime. A panel regression with 11 developing countries over the period 1996–2015 is estimated to test these hypotheses. The conclusion is that, although the orthodox and heterodox arguments are both coherent, when comparing stylized facts and testing the hypotheses econometrically neither is sufficient to elucidate the Brazilian case. The article concludes by suggesting that there might be political causes of the high real interest rates in Brazil such as a politically influential rentier class. Journal: International Journal of Political Economy Pages: 178-198 Issue: 2 Volume: 47 Year: 2018 Month: 4 X-DOI: 10.1080/08911916.2018.1497580 File-URL: http://hdl.handle.net/10.1080/08911916.2018.1497580 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:47:y:2018:i:2:p:178-198 Template-Type: ReDIF-Article 1.0 Author-Name: Melanie Tatur Author-X-Name-First: Melanie Author-X-Name-Last: Tatur Title: Introduction Journal: International Journal of Political Economy Pages: 3-6 Issue: 2 Volume: 24 Year: 1994 Month: 6 X-DOI: 10.1080/08911916.1994.11643880 File-URL: http://hdl.handle.net/10.1080/08911916.1994.11643880 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:24:y:1994:i:2:p:3-6 Template-Type: ReDIF-Article 1.0 Author-Name: Rainer Deppe Author-X-Name-First: Rainer Author-X-Name-Last: Deppe Author-Name: Melanie Tatur Author-X-Name-First: Melanie Author-X-Name-Last: Tatur Title: Trade Unions in the Transformation Process Journal: International Journal of Political Economy Pages: 7-38 Issue: 2 Volume: 24 Year: 1994 Month: 6 X-DOI: 10.1080/08911916.1994.11643881 File-URL: http://hdl.handle.net/10.1080/08911916.1994.11643881 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:24:y:1994:i:2:p:7-38 Template-Type: ReDIF-Article 1.0 Author-Name: Birgit Mahnkopf Author-X-Name-First: Birgit Author-X-Name-Last: Mahnkopf Title: Ex Oriente Risk Journal: International Journal of Political Economy Pages: 39-72 Issue: 2 Volume: 24 Year: 1994 Month: 6 X-DOI: 10.1080/08911916.1994.11643882 File-URL: http://hdl.handle.net/10.1080/08911916.1994.11643882 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:24:y:1994:i:2:p:39-72 Template-Type: ReDIF-Article 1.0 Author-Name: Melanie Tatur Author-X-Name-First: Melanie Author-X-Name-Last: Tatur Title: The Workers’ Movement and the State in Russia Journal: International Journal of Political Economy Pages: 73-111 Issue: 2 Volume: 24 Year: 1994 Month: 6 X-DOI: 10.1080/08911916.1994.11643883 File-URL: http://hdl.handle.net/10.1080/08911916.1994.11643883 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:24:y:1994:i:2:p:73-111 Template-Type: ReDIF-Article 1.0 Author-Name: A. E. Fernández Jilberto Author-X-Name-First: A. E. Fernández Author-X-Name-Last: Jilberto Title: Introduction Journal: International Journal of Political Economy Pages: 3-9 Issue: 1 Volume: 21 Year: 1991 Month: 3 X-DOI: 10.1080/08911916.1991.11643810 File-URL: http://hdl.handle.net/10.1080/08911916.1991.11643810 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:21:y:1991:i:1:p:3-9 Template-Type: ReDIF-Article 1.0 Author-Name: Jean Carrière Author-X-Name-First: Jean Author-X-Name-Last: Carrière Title: The Political Economy of Land Degradation in Costa Rica Journal: International Journal of Political Economy Pages: 10-31 Issue: 1 Volume: 21 Year: 1991 Month: 3 X-DOI: 10.1080/08911916.1991.11643811 File-URL: http://hdl.handle.net/10.1080/08911916.1991.11643811 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:21:y:1991:i:1:p:10-31 Template-Type: ReDIF-Article 1.0 Author-Name: David Slater Author-X-Name-First: David Author-X-Name-Last: Slater Title: New Social Movements and Old Political Questions Journal: International Journal of Political Economy Pages: 32-65 Issue: 1 Volume: 21 Year: 1991 Month: 3 X-DOI: 10.1080/08911916.1991.11643812 File-URL: http://hdl.handle.net/10.1080/08911916.1991.11643812 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:21:y:1991:i:1:p:32-65 Template-Type: ReDIF-Article 1.0 Author-Name: A. E. Fernández Jilberto Author-X-Name-First: A. E. Fernández Author-X-Name-Last: Jilberto Title: Social Democracy in Latin America Journal: International Journal of Political Economy Pages: 66-90 Issue: 1 Volume: 21 Year: 1991 Month: 3 X-DOI: 10.1080/08911916.1991.11643813 File-URL: http://hdl.handle.net/10.1080/08911916.1991.11643813 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:21:y:1991:i:1:p:66-90 Template-Type: ReDIF-Article 1.0 Author-Name: Paul Mattick Author-X-Name-First: Paul Author-X-Name-Last: Mattick Title: Editor’s Note Journal: International Journal of Political Economy Pages: 3-6 Issue: 1 Volume: 25 Year: 1995 Month: 3 X-DOI: 10.1080/08911916.1995.11643895 File-URL: http://hdl.handle.net/10.1080/08911916.1995.11643895 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:25:y:1995:i:1:p:3-6 Template-Type: ReDIF-Article 1.0 Author-Name: Wu Jinglian Author-X-Name-First: Wu Author-X-Name-Last: Jinglian Title: I. On the Establishment of a Modern Enterprise System Journal: International Journal of Political Economy Pages: 7-45 Issue: 1 Volume: 25 Year: 1995 Month: 3 X-DOI: 10.1080/08911916.1995.11643896 File-URL: http://hdl.handle.net/10.1080/08911916.1995.11643896 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:25:y:1995:i:1:p:7-45 Template-Type: ReDIF-Article 1.0 Author-Name: Theory Group Title: II. The Condition of the Working Class in China Journal: International Journal of Political Economy Pages: 46-108 Issue: 1 Volume: 25 Year: 1995 Month: 3 X-DOI: 10.1080/08911916.1995.11643897 File-URL: http://hdl.handle.net/10.1080/08911916.1995.11643897 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:25:y:1995:i:1:p:46-108 Template-Type: ReDIF-Article 1.0 Author-Name: Peter A. Hall Author-X-Name-First: Peter A. Author-X-Name-Last: Hall Author-Name: VÃctor Pérez-DÃaz Author-X-Name-First: VÃctor Author-X-Name-Last: Pérez-DÃaz Title: Introduction Journal: International Journal of Political Economy Pages: 3-7 Issue: 2 Volume: 20 Year: 1990 Month: 6 X-DOI: 10.1080/08911916.1990.11643792 File-URL: http://hdl.handle.net/10.1080/08911916.1990.11643792 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:20:y:1990:i:2:p:3-7 Template-Type: ReDIF-Article 1.0 Author-Name: Angel José Sánchez-Navarro Author-X-Name-First: Angel José Author-X-Name-Last: Sánchez-Navarro Title: The Political Transition of the Francoist Cortes Journal: International Journal of Political Economy Pages: 8-27 Issue: 2 Volume: 20 Year: 1990 Month: 6 X-DOI: 10.1080/08911916.1990.11643793 File-URL: http://hdl.handle.net/10.1080/08911916.1990.11643793 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:20:y:1990:i:2:p:8-27 Template-Type: ReDIF-Article 1.0 Author-Name: Helena Varela-Guinot Author-X-Name-First: Helena Author-X-Name-Last: Varela-Guinot Title: The Legalization of the Spanish Communist Party Journal: International Journal of Political Economy Pages: 28-44 Issue: 2 Volume: 20 Year: 1990 Month: 6 X-DOI: 10.1080/08911916.1990.11643794 File-URL: http://hdl.handle.net/10.1080/08911916.1990.11643794 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:20:y:1990:i:2:p:28-44 Template-Type: ReDIF-Article 1.0 Author-Name: Josu Mezo-Aranzibia Author-X-Name-First: Josu Author-X-Name-Last: Mezo-Aranzibia Title: Organizations versus Policy Makers Journal: International Journal of Political Economy Pages: 45-61 Issue: 2 Volume: 20 Year: 1990 Month: 6 X-DOI: 10.1080/08911916.1990.11643795 File-URL: http://hdl.handle.net/10.1080/08911916.1990.11643795 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:20:y:1990:i:2:p:45-61 Template-Type: ReDIF-Article 1.0 Author-Name: Pedro Luis Iriso Author-X-Name-First: Pedro Luis Author-X-Name-Last: Iriso Title: State Structure and Industrial Relations Journal: International Journal of Political Economy Pages: 62-81 Issue: 2 Volume: 20 Year: 1990 Month: 6 X-DOI: 10.1080/08911916.1990.11643796 File-URL: http://hdl.handle.net/10.1080/08911916.1990.11643796 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:20:y:1990:i:2:p:62-81 Template-Type: ReDIF-Article 1.0 Author-Name: Ana Guillén Author-X-Name-First: Ana Author-X-Name-Last: Guillén Title: The Emergence of the Spanish Welfare State Journal: International Journal of Political Economy Pages: 82-96 Issue: 2 Volume: 20 Year: 1990 Month: 6 X-DOI: 10.1080/08911916.1990.11643797 File-URL: http://hdl.handle.net/10.1080/08911916.1990.11643797 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:20:y:1990:i:2:p:82-96 Template-Type: ReDIF-Article 1.0 Author-Name: Paul Burkett Author-X-Name-First: Paul Author-X-Name-Last: Burkett Title: Two Stages of Ecosocialism? Abstract: Journal: International Journal of Political Economy Pages: 23-45 Issue: 3 Volume: 35 Year: 2006 X-DOI: 10.2753/IJP0891-1916350302 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916350302 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:35:y:2006:i:3:p:23-45 Template-Type: ReDIF-Article 1.0 Author-Name: Mark Setterfield Author-X-Name-First: Mark Author-X-Name-Last: Setterfield Title: Balancing the Macroeconomic Books on the Backs of Workers: A Simple Analytical Political Economy Model of Contemporary U.S. Capitalism Abstract: Journal: International Journal of Political Economy Pages: 46-63 Issue: 3 Volume: 35 Year: 2006 X-DOI: 10.2753/IJP0891-1916350303 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916350303 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:35:y:2006:i:3:p:46-63 Template-Type: ReDIF-Article 1.0 Author-Name: John Marangos Author-X-Name-First: John Author-X-Name-Last: Marangos Title: Was Market Socialism a Feasible Alternative for Transition Economies? Abstract: Journal: International Journal of Political Economy Pages: 64-88 Issue: 3 Volume: 35 Year: 2006 X-DOI: 10.2753/IJP0891-1916350304 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916350304 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:35:y:2006:i:3:p:64-88 Template-Type: ReDIF-Article 1.0 Author-Name: Julio G. Author-X-Name-First: Julio Author-X-Name-Last: G. Title: Spanish Unemployment Abstract: Journal: International Journal of Political Economy Pages: 3-22 Issue: 3 Volume: 35 Year: 2006 X-DOI: 10.2753/IJP0891-1916350301 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916350301 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:35:y:2006:i:3:p:3-22 Template-Type: ReDIF-Article 1.0 Author-Name: Steven Pressman Author-X-Name-First: Steven Author-X-Name-Last: Pressman Title: Moore on Post-Keynesian Macroeconomics: A Review Abstract: Journal: International Journal of Political Economy Pages: 89-98 Issue: 3 Volume: 35 Year: 2006 X-DOI: 10.2753/IJP0891-1916350305 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916350305 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:35:y:2006:i:3:p:89-98 Template-Type: ReDIF-Article 1.0 Author-Name: RONALDO MUNCK Author-X-Name-First: RONALDO Author-X-Name-Last: MUNCK Title: Argentina, or the Political Economy of Collapse Abstract: Journal: International Journal of Political Economy Pages: 67-88 Issue: 3 Volume: 31 Year: 2001 X-DOI: 10.1080/08911916.2001.11042862 File-URL: http://hdl.handle.net/10.1080/08911916.2001.11042862 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:31:y:2001:i:3:p:67-88 Template-Type: ReDIF-Article 1.0 Author-Name: WILLIAM K. CARROLL Author-X-Name-First: WILLIAM K. Author-X-Name-Last: CARROLL Author-Name: WILLIAM LITTLE Author-X-Name-First: WILLIAM Author-X-Name-Last: LITTLE Title: Neoliberal Transformation and Antiglobalization Politics in Canada : Transition, Consolidation, Resistance Abstract: Journal: International Journal of Political Economy Pages: 33-66 Issue: 3 Volume: 31 Year: 2001 X-DOI: 10.1080/08911916.2001.11042863 File-URL: http://hdl.handle.net/10.1080/08911916.2001.11042863 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:31:y:2001:i:3:p:33-66 Template-Type: ReDIF-Article 1.0 Author-Name: THOMAS R. ROCHON Author-X-Name-First: THOMAS R. Author-X-Name-Last: ROCHON Author-Name: RAVI ROY Author-X-Name-First: RAVI Author-X-Name-Last: ROY Title: Adaptation of the American Democratic Party in an Era of Globalization Abstract: Journal: International Journal of Political Economy Pages: 12-32 Issue: 3 Volume: 31 Year: 2001 X-DOI: 10.1080/08911916.2001.11042864 File-URL: http://hdl.handle.net/10.1080/08911916.2001.11042864 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:31:y:2001:i:3:p:12-32 Template-Type: ReDIF-Article 1.0 Author-Name: ANDRÉIA GALVÃO Author-X-Name-First: ANDRÉIA Author-X-Name-Last: GALVÃO Author-Name: ANDRÉ MOMMEN Author-X-Name-First: ANDRÉ Author-X-Name-Last: MOMMEN Title: Guest Editors' Introduction Abstract: Journal: International Journal of Political Economy Pages: 3-11 Issue: 3 Volume: 31 Year: 2001 X-DOI: 10.1080/08911916.2001.11042865 File-URL: http://hdl.handle.net/10.1080/08911916.2001.11042865 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:31:y:2001:i:3:p:3-11 Template-Type: ReDIF-Article 1.0 Author-Name: Marc Lavoie Author-X-Name-First: Marc Author-X-Name-Last: Lavoie Title: Changes in Central Bank Procedures During the Subprime Crisis and Their Repercussions on Monetary Theory Abstract: The subprime financial crisis has forced several central banks to take extraordinary measures and to modify some of their operational procedures. These changes have made the deficiencies and lack of realism of mainstream monetary theory even clearer, as can be seen in undergraduate textbooks as well as in most macroeconomic models. They have forced monetary authorities to publicly reject some of the assumptions and key features of mainstream monetary theory, fearing that, on that mistaken basis, actors in the financial markets would misrepresent and misjudge the consequences of the actions taken by the monetary authorities. These changes in operational procedures also have some implications for heterodox monetary theory, in particular for post-Keynesian theory. My objective in this article is to analyze the implications of these changes in operational procedures for an understanding of monetary theory. I take the evolution of the operating procedures of the Federal Reserve since August 2007 as an exemplar. The U.S. case is particularly interesting, both because it was at the center of the financial crisis and because the U.S. monetary system and its federal funds rate market are the main sources of theorizing in monetary economics. Journal: International Journal of Political Economy Pages: 3-23 Issue: 3 Volume: 39 Year: 2010 X-DOI: 10.2753/IJP0891-1916390301 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916390301 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:39:y:2010:i:3:p:3-23 Template-Type: ReDIF-Article 1.0 Author-Name: Pavlina Tcherneva Author-X-Name-First: Pavlina Author-X-Name-Last: Tcherneva Title: Fiscal Policy: The Wrench in the New Economic Consensus Abstract: The so-called new economic consensus has begun to reassess the role and place of fiscal policy and is calling for its restitution in certain cases. Although a "consensus" may exist on various macroeconomic issues within this literature, fiscal policy is not one of them. The debate is stirred largely by the new fiscal theory of the price level, which not only reintroduces fiscal policy effectiveness but also undermines some core neoclassical notions such as government budget constraints, central bank independence, and the quantity equation relationship. The paper evaluates these new developments in the policy writings and actions of current Federal Reserve chairman Ben Bernanke. Journal: International Journal of Political Economy Pages: 24-44 Issue: 3 Volume: 39 Year: 2010 X-DOI: 10.2753/IJP0891-1916390302 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916390302 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:39:y:2010:i:3:p:24-44 Template-Type: ReDIF-Article 1.0 Author-Name: Xinhua Liu Author-X-Name-First: Xinhua Author-X-Name-Last: Liu Author-Name: L. Wray Author-X-Name-First: L. Author-X-Name-Last: Wray Title: Excessive Liquidity and Bank Lending in China Abstract: This paper analyzes two contending views of money and excess liquidity at both the theoretical and the practical levels. We relate the analysis to China's skyrocketing credit expansion in 2009 and its relationship with the housing market boom. The conventional view is that such a bubble is highly dangerous and is largely caused by great sums of "excess liquidity," which, in turn, induced Chinese banks to lend funds. This supposedly fueled the fire in real estate markets and also pushed up the stock market. However, it is unclear what "excess liquidity" is and where it comes from. Also remaining unresolved are questions about how it is affecting the real economy and what should—or could—China do to deal with such problems. We will attempt to illustrate China's "excess liquidity" situation within the framework of post-Keynesian-Chartalist "modern money" theory and will conclude that China's liquidity "dilemma" is almost much ado about nothing. However, China does face a longer term problem mainly caused by its foreign exchange regime and its overdependence on external demand. Although not as harmful as many have argued, solving this problem will require thorough understanding of the properties of modern money and of associated policy reforms. We believe that China, with its sovereign currency, can overcome these problems and can switch to a much more sustainable internal demand-driven full employment development path. Journal: International Journal of Political Economy Pages: 45-63 Issue: 3 Volume: 39 Year: 2010 X-DOI: 10.2753/IJP0891-1916390303 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916390303 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:39:y:2010:i:3:p:45-63 Template-Type: ReDIF-Article 1.0 Author-Name: William Van Lear Author-X-Name-First: William Author-X-Name-Last: Van Lear Title: Portfolio Shifts, Asset Price Declines, and Liquidity Lock Abstract: This paper adds to the explanation of financial crises by employing the concepts of liquidity lock, portfolio shifting, and the wealth effect in the context of the 2007-9 financial crisis and of internationalized money manager capitalism. The paper reviews four major crisis theories and follows with a summary account of the recent financial crisis. The paper constructs a model in which portfolio shifts driven by perceived changes in risk and return are instrumental in creating liquidity lock. Sharp asset price changes affect net worth and aggregate demand, creating policy difficulties for economic leaders. The paper ends by addressing the competing options available to policymakers in late 2008 and 2009. Journal: International Journal of Political Economy Pages: 64-80 Issue: 3 Volume: 39 Year: 2010 X-DOI: 10.2753/IJP0891-1916390304 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916390304 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:39:y:2010:i:3:p:64-80 Template-Type: ReDIF-Article 1.0 Author-Name: Wesley Marshall Author-X-Name-First: Wesley Author-X-Name-Last: Marshall Title: Banco del Sur and the Need for Downstream Linkages Abstract: This paper seeks to further the debate surrounding Banco del Sur and the possible roles it can play for both South America in general and for specific member countries. Drawing on lessons from the region's recent history, a case is made for the need to incorporate established national publicly owned banks into Banco del Sur's regional framework if the objectives proposed for the bank are to be fulfilled. Journal: International Journal of Political Economy Pages: 81-99 Issue: 3 Volume: 39 Year: 2010 X-DOI: 10.2753/IJP0891-1916390305 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916390305 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:39:y:2010:i:3:p:81-99 Template-Type: ReDIF-Article 1.0 Author-Name: Arne Heise Author-X-Name-First: Arne Author-X-Name-Last: Heise Title: Governance Without Government Abstract: The Great Recession after 2008 did not turn out to be as deep and severe as the Great Depression of the 1930s. According to the European Commission, this positive result is due to the fact that economic policymakers around the world learned their lessons in stabilizing their financial systems from the Great Depression and, moreover, that particularly the European Union and its economic governance system has become a shelter against negative external shocks in coordinating stabilization policies to maintain aggregate demand.This paper argues that the claim of the European Commission needs some qualifications. The lessons have not been applied appropriately in all EU— and eurozone, in particular—member states. Yet this is not merely the result of mismanagement by individual governments but the systematic outcome of an ineffective and even counterproductive European economic governance system. Although, in the wake of the euro crisis, some crisis control and emergency measures have been established, crisis resolution has failed, as the core of the inefficient governance system—the European Stability and Growth Pact (ESGP)—has not been reformed adequately. Journal: International Journal of Political Economy Pages: 42-60 Issue: 2 Volume: 41 Year: 2012 X-DOI: 10.2753/IJP0891-1916410203 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916410203 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:41:y:2012:i:2:p:42-60 Template-Type: ReDIF-Article 1.0 Author-Name: Eugenia Correa Author-X-Name-First: Eugenia Author-X-Name-Last: Correa Title: Fiscal Policies and the World Financial Crisis Abstract: Fiscal policies in the countries of Latin America have evolved within very different institutional landscapes resulting from a long history of financial crises. This article analyzes several of the economic and institutional transformations of the three largest economies of Latin America, namely, Argentina, Brazil, and Mexico, and their evolution during the past twenty years, in order to understand the ability to implement countercyclical fiscal policies during the great global crisis. It discusses the idea that open and emerging market economies do not possess conditions to exercise countercyclical fiscal policy. The main conclusion is that only Argentina has been able to fully exercise its capacity to pursue fiscal policy during the crisis, while institutional constraints on the fiscal policies of Brazil and Mexico remain. Journal: International Journal of Political Economy Pages: 82-97 Issue: 2 Volume: 41 Year: 2012 X-DOI: 10.2753/IJP0891-1916410205 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916410205 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:41:y:2012:i:2:p:82-97 Template-Type: ReDIF-Article 1.0 Author-Name: Pavlina Tcherneva Author-X-Name-First: Pavlina Author-X-Name-Last: Tcherneva Title: The Role of Fiscal Policy Abstract: The article evaluates the fiscal policy initiatives during the Great Recession in the United States. It argues that, although the nonconventional fiscal policies targeted to the financial sector dwarfed conventional countercyclical stabilization efforts directed to the real sector, the relatively disappointing impact on employment was due not only to misdirected funding priorities but to an exclusive and ill-advised focus on the output gap rather than on the employment gap. The paper argues further that conventional pump priming policies are incapable of closing this employment gap. To tackle the formidable labor market challenges observed in the United States over the past few decades, policy can benefit from a fundamental reorientation away from trickle-down Keynesianism and toward what is termed here "a bottom-up approach" to fiscal policy. This approach also reconsiders the nature of countercyclical government stabilizers. Journal: International Journal of Political Economy Pages: 5-25 Issue: 2 Volume: 41 Year: 2012 X-DOI: 10.2753/IJP0891-1916410201 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916410201 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:41:y:2012:i:2:p:5-25 Template-Type: ReDIF-Article 1.0 Author-Name: Mario Seccareccia Author-X-Name-First: Mario Author-X-Name-Last: Seccareccia Title: Understanding Fiscal Policy and the New Fiscalism Abstract: Canada's record both before and during the financial crisis has been recognized by many in the media as one of great achievement that other countries should seek to learn from and emulate: a dozen years of public-sector budgetary surpluses followed by fiscal stimulus packages that spanned two years after the financial crisis, and the lowest budget deficits and debt-to-gross domestic product ratios of the G-7 countries. This paper looks carefully at that record and asks the question of whether the policy of austerity pursued before the financial crisis and after 2010 is one that should seriously be emulated. After analyzing the destabilizing consequences of this policy for sustaining future growth, the article concludes that the restrictive fiscal actions taken before the financial crisis did little to protect the Canadian economy from the crisis and recession that followed, and was essentially a Pyrrhic victory. Journal: International Journal of Political Economy Pages: 61-81 Issue: 2 Volume: 41 Year: 2012 X-DOI: 10.2753/IJP0891-1916410204 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916410204 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:41:y:2012:i:2:p:61-81 Template-Type: ReDIF-Article 1.0 Author-Name: Mario Seccareccia Author-X-Name-First: Mario Author-X-Name-Last: Seccareccia Title: Fiscal Policy at the Crossroads: An International Perspective Abstract: Journal: International Journal of Political Economy Pages: 3-4 Issue: 2 Volume: 41 Year: 2012 X-DOI: 10.2753/IJP0891-1916410200 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916410200 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:41:y:2012:i:2:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Giuseppe Fontana Author-X-Name-First: Giuseppe Author-X-Name-Last: Fontana Author-Name: Malcolm Sawyer Author-X-Name-First: Malcolm Author-X-Name-Last: Sawyer Title: Setting the Wrong Guidelines for Fiscal Policy Abstract: The initial mildly Keynesian fiscal policy applied to the 2008 financial crisis in the UK is outlined and the shifts in policy indicated. The focus of this article is on the use of the concept of structural budget deficit and potential output in the formulation of fiscal policy. It is argued that the structural budget deficit is a poorly formulated concept. Further, potential output has taken various meanings, but in the manner in which it is presently used should not be viewed as a desirable level of output nor as a constraint on the level of economic activity. The final section argues that the present government's plans to achieve a nearly balanced structural budget rests on highly optimistic assumptions on the levels of investment and net exports, and are unlikely to be achieved. Journal: International Journal of Political Economy Pages: 27-41 Issue: 2 Volume: 41 Year: 2012 X-DOI: 10.2753/IJP0891-1916410202 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916410202 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:41:y:2012:i:2:p:27-41 Template-Type: ReDIF-Article 1.0 Author-Name: Marc Lavoie Author-X-Name-First: Marc Author-X-Name-Last: Lavoie Title: The Eurozone: Similarities to and Differences from Keynes’s Plan Abstract: The Eurozone is often considered to be the brainchild of Robert Mundell, who has often bragged about his paternity. In reality, the Eurozone setup, most specifically the TARGET2 settlement system, has several characteristics that look like the plan for an international currency union that Keynes proposed in the early 1940s. The main objective of this article is to show the similitudes and differences between the Eurozone currency union and Keynes’s plan. The article also discusses some of the confusions that have arisen from the analysis of the TARGET2 system and the decision of the German constitutional court. Furthermore, it deals with the question of whether or not the European financial crisis of the GIIPS countries (Greece, Italy, Ireland, Portugal, and Spain) was akin to a balance-of-payments crisis, as has been argued by some authors and denied by others. Journal: International Journal of Political Economy Pages: 3-17 Issue: 1 Volume: 44 Year: 2015 Month: 1 X-DOI: 10.1080/08911916.2015.1035980 File-URL: http://hdl.handle.net/10.1080/08911916.2015.1035980 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:44:y:2015:i:1:p:3-17 Template-Type: ReDIF-Article 1.0 Author-Name: Mario Seccareccia Author-X-Name-First: Mario Author-X-Name-Last: Seccareccia Title: Understanding the Eurozone and its Current Structural Crisis Journal: International Journal of Political Economy Pages: 1-2 Issue: 1 Volume: 44 Year: 2015 Month: 1 X-DOI: 10.1080/08911916.2015.1035982 File-URL: http://hdl.handle.net/10.1080/08911916.2015.1035982 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:44:y:2015:i:1:p:1-2 Template-Type: ReDIF-Article 1.0 Author-Name: Bill Lucarelli Author-X-Name-First: Bill Author-X-Name-Last: Lucarelli Title: The Euro: A Chartalist Critique Abstract: The aim of this article is to develop a Chartalist critique of the prevailing economic theories that have informed the original design of the Eurosystem. In order to understand the structural dynamics of the current crisis, it is necessary to examine the longstanding internal contradictions that the system has inherited from its inception under the Maastricht Treaty of 1992 and the neoliberal strategy, which has governed its evolution. In its bare essentials, the euro lacks the backing of a coherent sovereign power. More specifically, the article argues that this national/supranational dichotomy prevents a more unified response to the current debt crises engulfing the peripheral countries of the Eurozone. Journal: International Journal of Political Economy Pages: 18-31 Issue: 1 Volume: 44 Year: 2015 Month: 1 X-DOI: 10.1080/08911916.2015.1035984 File-URL: http://hdl.handle.net/10.1080/08911916.2015.1035984 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:44:y:2015:i:1:p:18-31 Template-Type: ReDIF-Article 1.0 Author-Name: Alicia Girón Author-X-Name-First: Alicia Author-X-Name-Last: Girón Author-Name: Marcia Solorza Author-X-Name-First: Marcia Author-X-Name-Last: Solorza Title: “Déjà vu†History: The European Crisis and Lessons from Latin America through the Glass of Financialization and Austerity Measures Abstract: The scope of the current European crisis calls for a rereading of mainstream economic theory. Europe is experiencing a “déjà vu†history through which Latin America has already lived. The recurrent crises from the 1970s up to the Lehman Brothers bankruptcy are manifestations of the financialization process and relate to its different facets. The objective of this article is to analyze financialization in the current economic and financial crisis in Europe as well as its role in the Latin American debt crisis. A heterodox perspective is necessary to understand this long process of economic deterioration and discern the global fragility of the current financial system. An explanation of the structural crisis in the Eurozone implies an understanding of the financial and monetary agreements laid out in the Maastricht Treaty and the position of the Central Bank with regard to financial markets. Today, financial investors have been especially attuned to interest rate risks and profitability in the international financial system, in the same way that transnational banks owned Latin American sovereign debt years before. Journal: International Journal of Political Economy Pages: 32-50 Issue: 1 Volume: 44 Year: 2015 Month: 1 X-DOI: 10.1080/08911916.2015.1035989 File-URL: http://hdl.handle.net/10.1080/08911916.2015.1035989 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:44:y:2015:i:1:p:32-50 Template-Type: ReDIF-Article 1.0 Author-Name: Adrien Faudot Author-X-Name-First: Adrien Author-X-Name-Last: Faudot Title: The Euro: An International Invoicing Currency? Abstract: This article deals with the use of the euro in international trade, particularly as a unit of account. It seeks to analyze the evolution of the single currency in its essential facet of international currency, especially in the academic sphere, by examining the ideas and assumptions made by economists prior to the launch of the euro, right up to today’s crisis. Although data regarding international trade invoicing are scarce, stylized facts reveal that the euro is a high and stable invoicing currency regionally, but not internationally. Indeed, the euro has failed to reach the status of vehicle currency: the euro is used only on specific markets where exporters are able to choose the currency of denomination. Moreover, since the euro was conceived in a neoclassical way, it is subject to institutional concerns, especially a lack of political support to foster a dynamics of internationalization. Journal: International Journal of Political Economy Pages: 51-70 Issue: 1 Volume: 44 Year: 2015 Month: 1 X-DOI: 10.1080/08911916.2015.1035990 File-URL: http://hdl.handle.net/10.1080/08911916.2015.1035990 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:44:y:2015:i:1:p:51-70 Template-Type: ReDIF-Article 1.0 Author-Name: Andrea Fumagalli Author-X-Name-First: Andrea Author-X-Name-Last: Fumagalli Author-Name: Stefano Lucarelli Author-X-Name-First: Stefano Author-X-Name-Last: Lucarelli Title: A Financialized Monetary Economy of Production Abstract: The monetary theory of production offers a systemic approach to describe systemic crises, but, faced with contemporary capitalism, it needs to be modified. In accordance with the Schumpeterian perspective, we adopt a framework that points to both the monetary nature of and qualitative changes in the capitalist system. The low level of wages, and the consequent underconsumption, is not the unique cause of the 2007-9 crisis. Not only has financialization changed the behavior of consumer-savers, but investment has also changed. The overfinanced leverage that was an important characteristic of the crisis may be better understood historically with the emergence of the 1990s' technological paradigm. The crisis stems mainly from overinvestment in new technologies. Particularly during the 1990s, the emerging industrial technology favored its own sort of financing. The financialization of the monetary economy of production can be better explained if we understand the shift to a new technological paradigm as a general outlook on the productive problems faced by firms, whereby the relevance of the so-called immaterial production takes on greater importance. To describe this dynamic, we present two different analytical forms of the monetary economy of production: the first one represents the new economy scenario, and the second one represents the financialized monetary circuit during the real estate bubble. Journal: International Journal of Political Economy Pages: 48-68 Issue: 1 Volume: 40 Year: 2011 X-DOI: 10.2753/IJP0891-1916400102 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916400102 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:40:y:2011:i:1:p:48-68 Template-Type: ReDIF-Article 1.0 Author-Name: Thomas Ferguson Author-X-Name-First: Thomas Author-X-Name-Last: Ferguson Author-Name: Robert Johnson Author-X-Name-First: Robert Author-X-Name-Last: Johnson Title: A World Upside Down? Abstract: This paper analyzes U.S. budget debates in the context of the G-20's turn toward austerity at the 2010 Toronto Summit. It begins by looking at claims by Reinhart and Rogoff and the International Monetary Fund that rising ratios of government debt/gross domestic product pose serious threats to economic growth. Then the paper considers Alesina and Ardagna's contention that deep cuts in deficits somehow stimulate economies. The paper shows that none of these arguments is empirically well founded, especially for major reserve currency countries like the United States, which cannot depreciate without crushing the rest of the world.The paper analyzes competing accounts of how to measure the deficit over time and draw special attention to the Congressional Budget Office's unheralded acknowledgment in August 2010 that financial assets held by the government should be netted out of U.S. debt calculations. The paper argues that not entitlement spending or Social Security but the excessive costs of oligopoly in health care, defense spending, and another possible financial crisis are the major threats to the budgetary position. In an era of unbridled money politics, concentrated interests in the military, financial, and medical industries pose much more significant dangers to U.S. public finances than broad-based popular programs like Social Security, which is itself in good shape for as many years as one can make credible forecasts.The paper compares several different simulations and concludes that the risk to U.S. public finances, as measured by the debt/GDP ratio in 2020, is much greater on a trajectory of austerity than from any risks incurred by the very low public cost of borrowing to spur investment in infrastructure, education, and science that would generate large social and private gains in productivity. Journal: International Journal of Political Economy Pages: 3-47 Issue: 1 Volume: 40 Year: 2011 X-DOI: 10.2753/IJP0891-1916400101 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916400101 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:40:y:2011:i:1:p:3-47 Template-Type: ReDIF-Article 1.0 Author-Name: Suranjana Nabar-Bhaduri Author-X-Name-First: Suranjana Author-X-Name-Last: Nabar-Bhaduri Title: What Lies Beneath Abstract: Much of the theoretical and empirical research regarding the impact of policy shifts on the economies of developing countries has tended to focus on macrolevel aggregates, without adequate attention to sectoral-level dynamics. In the research in which such dynamics are emphasized, the focus has primarily been on the Latin American experience, where macroeconomic instability can be attributed to the impact of structural reforms on the sectoral-level dynamics of these economies. What appears to be missing from the present research is an adequate consideration of scenarios in which seemingly positive trends in macrolevel aggregates can sometimes mask problems of concentrated productivity and employment growth that exist at the sectoral level. This paper seeks to address this aspect more closely. By focusing on the Indian manufacturing sector in the pre- and postliberalization periods, this paper shows that positive trends in aggregate productivity may sometimes hide problems of structural heterogeneity and concentrated employment growth. This in turn suggests that in developing countries with high open and disguised unemployment, sustainable growth and development require that liberalization policies be complemented by active industrial and employment generation policies on the part of the state. Journal: International Journal of Political Economy Pages: 69-85 Issue: 1 Volume: 40 Year: 2011 X-DOI: 10.2753/IJP0891-1916400103 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916400103 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:40:y:2011:i:1:p:69-85 Template-Type: ReDIF-Article 1.0 Author-Name: Peter Temin Author-X-Name-First: Peter Author-X-Name-Last: Temin Title: The American Dual Economy Abstract: I describe the American economy in the twenty-first century as a dual economy in the spirit of W. Arthur Lewis. Similar to the subsistence and capitalist economies characterized by Lewis, I distinguish a low-wage sector and a finance, technology, and electronics (FTE) sector. The transition from the low-wage to the FTE sector is through education, which is becoming increasingly difficult for members of the low-wage sector because the FTE sector has largely abandoned the American tradition of quality public schools and universities. Policy debates about public education and other policies that serve the low-wage sector often characterize members of the low-wage sector as black even though the low-wage sector is largely white. This model of a modern dual economy explains difficulties in many current policy debates, including education, health care, criminal justice, infrastructure, and household debts. Journal: International Journal of Political Economy Pages: 85-123 Issue: 2 Volume: 45 Year: 2016 Month: 4 X-DOI: 10.1080/08911916.2016.1185311 File-URL: http://hdl.handle.net/10.1080/08911916.2016.1185311 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:45:y:2016:i:2:p:85-123 Template-Type: ReDIF-Article 1.0 Author-Name: Sasha Breger Bush Author-X-Name-First: Sasha Author-X-Name-Last: Breger Bush Title: Risk Markets and the Landscape of Social Change Abstract: With the critical derivatives and financialization literatures as background, I argue in this essay that risk markets (i.e., derivatives and insurance markets) play an integral role in insulating global neoliberalism from popular and elite demands for reform, as well as from the related imposition of new forms of government intervention. Inspired by Polanyi’s “double movement†and Bryan and Rafferty’s (2006) notion of “blending†in derivatives markets, the argument rests upon the insight that risk markets transform social risk into individual cost, resulting in potentially large but subtle implications for global prospects for social change. After providing a taxonomy of risk instruments that emphasizes their growing role in managing important social risks, I describe and provide brief case studies of two pathways through which risk markets help to protect the neoliberal order from political threats. The first involves the political positioning of insurance and derivatives instruments and markets as “solutions†to global social problems. The second involves the manner in which insurance and derivatives products generate “political moral hazards†that discourage support for new kinds of global policies and structures. As such, this essay contributes to the growing body of critical political economy literature on financialization, financial innovation, and derivatives and insurance markets. Journal: International Journal of Political Economy Pages: 124-146 Issue: 2 Volume: 45 Year: 2016 Month: 4 X-DOI: 10.1080/08911916.2016.1185315 File-URL: http://hdl.handle.net/10.1080/08911916.2016.1185315 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:45:y:2016:i:2:p:124-146 Template-Type: ReDIF-Article 1.0 Author-Name: Paul Bowles Author-X-Name-First: Paul Author-X-Name-Last: Bowles Author-Name: Baotai Wang Author-X-Name-First: Baotai Author-X-Name-Last: Wang Title: Does U.S. Pressure Lead to Changes in China’s Exchange Rate? Abstract: The role of external political pressure in the appreciation of the Chinese renminbi against the U.S. dollar since 2005 has been the subject of debate. While Chinese authorities maintain that only domestic considerations have played a role, whether the appreciation has also been the result of the exercise of international monetary power by the United States has been examined using three different approaches. The results have been contradictory with the weight of studies finding against U.S. pressure having an effect on the exchange rate. In this article, we use Granger causality tests to reexamine the issue using data from 2000–2014. We find evidence that U.S. pressure does Granger-cause renminbi appreciation. We also examine whether U.S. pressure causes the changes in China’s export tax rebates. We find no evidence for this. Journal: International Journal of Political Economy Pages: 147-166 Issue: 2 Volume: 45 Year: 2016 Month: 4 X-DOI: 10.1080/08911916.2016.1185318 File-URL: http://hdl.handle.net/10.1080/08911916.2016.1185318 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:45:y:2016:i:2:p:147-166 Template-Type: ReDIF-Article 1.0 Author-Name: Mario Seccareccia Author-X-Name-First: Mario Author-X-Name-Last: Seccareccia Author-Name: Eugenia Correa Author-X-Name-First: Eugenia Author-X-Name-Last: Correa Title: Celso Furtado and Development Theory Journal: International Journal of Political Economy Pages: 3-6 Issue: 4 Volume: 43 Year: 2014 Month: 10 X-DOI: 10.1080/08911916.2014.1002678 File-URL: http://hdl.handle.net/10.1080/08911916.2014.1002678 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:43:y:2014:i:4:p:3-6 Template-Type: ReDIF-Article 1.0 Author-Name: Rosa Freire d’Aguiar Author-X-Name-First: Rosa Freire Author-X-Name-Last: d’Aguiar Title: Celso Furtado: The Struggles of an Economist Abstract: This short article describes the life and times of the Brazilian economist Celso Furtado (1920–2004). It underlines the four major periods of his activities and evolving thought: as head of the Division of Development at the Economic Commission for Latin America and the Caribbean (ECLAC), in Santiago de Chile; in the Northeast of Brazil, where he became a man of action as head of the Sudene (Superintendency for the Development of the Northeast), a governmental agency to foster development in this region; during his long exile in France as a professor of economics; and his return to Brazil to be minister of culture, then becoming a major political and moral point of reference in the country. The article also highlights his main contributions to the theory of underdevelopment, to the economic history and regional problems of Brazil, and to the cultural dimension of development. Journal: International Journal of Political Economy Pages: 7-14 Issue: 4 Volume: 43 Year: 2014 Month: 10 X-DOI: 10.1080/08911916.2014.1002686 File-URL: http://hdl.handle.net/10.1080/08911916.2014.1002686 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:43:y:2014:i:4:p:7-14 Template-Type: ReDIF-Article 1.0 Author-Name: Gregorio Vidal Author-X-Name-First: Gregorio Author-X-Name-Last: Vidal Title: Manufacturing, Industry and Growth in Mexico Abstract: The Mexican economy has undergone an important transformation that started at the end of the 1980s. There is a greater weight of private investment and some companies are making major investments in certain manufacturing activities. The composition of foreign trade now rests mostly on manufacturing. Multinational companies, which have acquired assets in the country or have made new investments, are mainly interested in exports. However, the growth of manufactured exports has occurred without a sustained real gross domestic product (GDP) growth, let alone GDP per capita. There are no signs of an increase in technical development and there is evidence of slower growth in equipment, machines, and tools used to manufacture the goods being exported. Based on Celso Furtado’s analysis, it is possible to argue that what happened in Mexico is a breakthrough in the growth of manufacturing exports, a growth that creates neither conditions for industrial development nor positive changes in the composition of employment. It has created an export platform concentrated in small group activities, mostly due to the arrival of subsidiaries of foreign firms in the country. Industry is not the engine of sustained growth and even less an expansion of productive activity that encourages the emergence of new branches and the multiplication of exchanges among the various sectors of the economy. One witnesses weak growth and a tendency toward stagnation. Journal: International Journal of Political Economy Pages: 63-81 Issue: 4 Volume: 43 Year: 2014 Month: 10 X-DOI: 10.1080/08911916.2014.1002688 File-URL: http://hdl.handle.net/10.1080/08911916.2014.1002688 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:43:y:2014:i:4:p:63-81 Template-Type: ReDIF-Article 1.0 Author-Name: Ricardo Bielschowsky Author-X-Name-First: Ricardo Author-X-Name-Last: Bielschowsky Title: Furtado’s “Economic Growth of Brazil†Abstract: This survey article reviews Celso Furtado’s most famous book and argues that he convincingly used the central elements of the Prebisch-ECLAC analytical construct—strucuturalism—to organize and study the economic history of Brazil from its discovery until the mid-twentieth century. Furtado shows how, throughout Brazilian history, successive cycles of economic growth before industrialization (mainly, the production of sugarcane in the Northeast in the seventeenth century, the gold cycle in Minas Gerais in the eighteenth century, and coffee production in the Southeast in the nineteenth and early twentieth centuries) have created, and thereafter perpetuated, some major characteristics of Brazilian underdevelopment: low production and lack of export diversity, as well as structural heterogeneity, specifically, a vast underemployed sector existing side by side with a high productivity modern sector. Journal: International Journal of Political Economy Pages: 44-62 Issue: 4 Volume: 43 Year: 2014 Month: 10 X-DOI: 10.1080/08911916.2014.1002692 File-URL: http://hdl.handle.net/10.1080/08911916.2014.1002692 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:43:y:2014:i:4:p:44-62 Template-Type: ReDIF-Article 1.0 Author-Name: Marcos Costa Lima Author-X-Name-First: Marcos Author-X-Name-Last: Costa Lima Title: A Conception of the World in Celso Furtado Abstract: This article presents an almost unknown aspect of the Brazilian economist Celso Furtado that goes far beyond his more evident economic and social considerations on underdevelopment, to the fields of culture, philosophy, and environment. In this sense, he is one of the most important and distinguished authors of Brazilian political thought. The influence of the German sociologist Karl Manheim in his work is analyzed, in addition to those of Hegel and Marx. Finally, the text deepens two relevant issues in Furtado’s work: (i) the construction of a systemic vision and (ii) the critical monitoring of the development, processing, and ruptures in the intellectual production of the contemporary West. Strong and new insights are revealed in his analysis of creativity and dependence on industrial civilization. Journal: International Journal of Political Economy Pages: 82-95 Issue: 4 Volume: 43 Year: 2014 Month: 10 X-DOI: 10.1080/08911916.2014.1002697 File-URL: http://hdl.handle.net/10.1080/08911916.2014.1002697 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:43:y:2014:i:4:p:82-95 Template-Type: ReDIF-Article 1.0 Author-Name: James M. Cypher Author-X-Name-First: James M. Author-X-Name-Last: Cypher Title: The Origins of Developmentalist Theory Abstract: Celso Furtado, a creator of Latin American structuralist political economy, was riveted on the construction of a viable national development project for Brazil. As a sophisticated advocate for structural change, he represented forward-looking reformism based in a pragmatic analysis of underdevelopment—“the†underlying condition of peripheral nations. The objective of this article is to offer both a synthesis and an evaluation of his contributions to the political economy of development economics. The hypothesis of this article is that Furtado’s methodological/analytical stance—in particular, (1) his dynamic, historically contextualized, approach and (2) his tendency to center development on technological capacity—merits broader acceptance and greater acclaim. An ancillary hypothesis maintains that, whereas Furtado’s work paralleled that of early U.S. institutionalism (particularly that of Veblen), he and his followers have thus far missed an important opportunity to explore the complementarities and synergies that might have been forged to renovate the Furtadian developmentalist perspective. Journal: International Journal of Political Economy Pages: 15-32 Issue: 4 Volume: 43 Year: 2014 Month: 10 X-DOI: 10.1080/08911916.2014.1002700 File-URL: http://hdl.handle.net/10.1080/08911916.2014.1002700 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:43:y:2014:i:4:p:15-32 Template-Type: ReDIF-Article 1.0 Author-Name: José Déniz Espinós Author-X-Name-First: José Author-X-Name-Last: Déniz Espinós Title: Development and Inequality Abstract: This article explores some of the greatest contributions of Celso Furtado’s theoretical and analytical study of Latin American economies. The article argues that Furtado’s original vision is firmly anchored in knowledge of the economic and political history of the region and the theoretical debates of his time. The first part of the article studies the interdisciplinary nature of his approach so as to further expose his theory of development and underdevelopment based on two processes closely related to the way in which industrial capitalism and today’s global capitalism have developed. Finally, the article examines his ideas about the expansion of social structure heterogeneity from the viewpoint of the transition to global capitalism and its crises. Journal: International Journal of Political Economy Pages: 33-43 Issue: 4 Volume: 43 Year: 2014 Month: 10 X-DOI: 10.1080/08911916.2014.1002702 File-URL: http://hdl.handle.net/10.1080/08911916.2014.1002702 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:43:y:2014:i:4:p:33-43 Template-Type: ReDIF-Article 1.0 Author-Name: Giancarlo Bertocco Author-X-Name-First: Giancarlo Author-X-Name-Last: Bertocco Author-Name: Andrea Kalajzić Author-X-Name-First: Andrea Author-X-Name-Last: Kalajzić Title: On the Monetary Nature of the Principle of Effective Demand Abstract: Since the publication of The General Theory the relationship between money and the principle of effective demand has been a matter of never-ending studies by the Keynesian economists. There are at least three different ways to explain this relationship. The first explanation lies in the liquidity preference theory. The second, points out that the decisions to accumulate a kind of money differing from a commodity obtained by labor may cause a level of aggregate demand insufficient to absorb the level of income corresponding to full employment. Finally, the third explanation is associated with the endogenous money theory. The first aim of this paper is to highlight the limits of these analyses. The second aim is to present a different explanation of the monetary nature of the principle of effective demand based on Schumpeter’s analytical approach which underlines the role of bank money in a capitalist economy. Journal: International Journal of Political Economy Pages: 1-22 Issue: 1 Volume: 49 Year: 2020 Month: 1 X-DOI: 10.1080/08911916.2020.1733775 File-URL: http://hdl.handle.net/10.1080/08911916.2020.1733775 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:49:y:2020:i:1:p:1-22 Template-Type: ReDIF-Article 1.0 Author-Name: Peter Temin Author-X-Name-First: Peter Author-X-Name-Last: Temin Title: Finance and Intangibles in American Economic Growth: Eating the Family Cow Abstract: The American economy changed rapidly since the World Wars as producers expanded new products and services in communication, computers and transportation. We kept track of this transformation through the National Income and Product Accounts (NIPA), a set of statistical constructs designed before these changes started. The national accounts stretched to accommodate these new and growing activities, but efforts to fit them into our measurement of national product and of economic growth have not yet borne fruit. I argue in this paper that our current economic data fail to describe accurately the path of growth in our new economy. They fail to reveal that the United States is consuming its capital stock now and will suffer later, rather like killing the family cow to have a steak dinner. Journal: International Journal of Political Economy Pages: 23-42 Issue: 1 Volume: 49 Year: 2020 Month: 1 X-DOI: 10.1080/08911916.2019.1693165 File-URL: http://hdl.handle.net/10.1080/08911916.2019.1693165 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:49:y:2020:i:1:p:23-42 Template-Type: ReDIF-Article 1.0 Author-Name: Nicolas Zorn Author-X-Name-First: Nicolas Author-X-Name-Last: Zorn Author-Name: Steven Pressman Author-X-Name-First: Steven Author-X-Name-Last: Pressman Title: A Consensus on Taxing the Rich? Comparing Mainstream Economics, Piketty and Post-Keynesian Economics Abstract: Over several decades, income has become increasingly concentrated at the top of the distributional pyramid in many rich countries. Raising taxes on top income earners and top wealth owners has gained traction in many policy circles as a way to reverse this inequality surge. This paper examines the views of mainstream economists, Thomas Piketty and Post-Keynesian economists concerning the impact of taxation and optimal tax policy. We show that, in terms of taxing the rich, these three perspectives have a great deal in common, but there are also many disagreements. We argue that Piketty occupies a middle ground between mainstream and Post-Keynesian economics, and there is a good deal that Piketty and these two schools can learn from one another. Journal: International Journal of Political Economy Pages: 43-61 Issue: 1 Volume: 49 Year: 2020 Month: 1 X-DOI: 10.1080/08911916.2020.1736382 File-URL: http://hdl.handle.net/10.1080/08911916.2020.1736382 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:49:y:2020:i:1:p:43-61 Template-Type: ReDIF-Article 1.0 Author-Name: Alban Mathieu Author-X-Name-First: Alban Author-X-Name-Last: Mathieu Title: Power and Currency: Did the Euro Improve the French State’s Monetary Power? Abstract: This study has sought to assess the evolution of the French state’s monetary power in comparison with Germany and the United States since the introduction of the euro. From a macroeconomic aspect, monetary power acts through the balance of payments. A set of characteristics improve (or reduce) the power to delay and deflect the adjustment of the balance of payments: financial variables, sensitivity and vulnerability of an economy, and international role of a country’s currency. From that perspective, we analyzed the impact of a monetary union in the case of France and came to three conclusions. First, the international role of the euro increased the French state’s power to delay, but also the power to deflect, relative to the United States. Second, the German government decided the rules of the game inside the monetary union based on the ordoliberal philosophy. Third, the economic structure of the German economy provided an advantage in comparison with France, which led to a change of France’s status. As a result, the French state has lost its capacity to implement its own macroeconomic policies, become monetary dependent relative to Germany and, consequently, has lost its monetary power. Journal: International Journal of Political Economy Pages: 62-82 Issue: 1 Volume: 49 Year: 2020 Month: 1 X-DOI: 10.1080/08911916.2019.1693163 File-URL: http://hdl.handle.net/10.1080/08911916.2019.1693163 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:49:y:2020:i:1:p:62-82 Template-Type: ReDIF-Article 1.0 Author-Name: Cyrus Bina Author-X-Name-First: Cyrus Author-X-Name-Last: Bina Title: A Note on Technical Change, Skill Formation, and Economic Instability* Abstract: Skill formation in advanced capitalism is a theme that has long been the subject of economic theory. The contention here is that neither the orthodoxy nor heterodoxy allows for a consistent theory of skill formation germane to capitalism proper. Neoclassical theory treats labor and thus skills along the “aggregate production functionâ€/factor-of-production theory. Neo-Marxian view (á la Braverman) identifies skills with crafts and thus aims at deskilling. Nevertheless, despite the elegant mathematical style ascribed to the former and the sophisticated rhetoric accredited to the latter, these competing schools had not yet offered a sui generis notion of skill formation aimed at corporeality of capitalism. This article, by allowing for technical change and through the synthesis of “creative destruction and “destructive creation,†offers an indispensable theory of skill formation, away from Braverman’s craft-centric method, and beyond eclecticism, skillset fetishism, and human-capital essentialism omnipresent in both orthodox and heterodox literature. Journal: International Journal of Political Economy Pages: 83-91 Issue: 1 Volume: 49 Year: 2020 Month: 1 X-DOI: 10.1080/08911916.2020.1733776 File-URL: http://hdl.handle.net/10.1080/08911916.2020.1733776 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:49:y:2020:i:1:p:83-91 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Author Index to International Journal of Political Economy Volume 35 (Spring 2006-Winter 2006-7) Journal: International Journal of Political Economy Pages: 87-87 Issue: 4 Volume: 35 Year: 2006 Month: 12 X-DOI: 10.1080/08911916.2007.11042954 File-URL: http://hdl.handle.net/10.1080/08911916.2007.11042954 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:35:y:2006:i:4:p:87-87 Template-Type: ReDIF-Article 1.0 Author-Name: Steven Pressman Author-X-Name-First: Steven Author-X-Name-Last: Pressman Title: Economic Power, the State, and Post-Keynesian Economics Journal: International Journal of Political Economy Pages: 67-86 Issue: 4 Volume: 35 Year: 2006 Month: 12 X-DOI: 10.2753/IJP0891-1916350404 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916350404 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:35:y:2006:i:4:p:67-86 Template-Type: ReDIF-Article 1.0 Author-Name: John Marangos Author-X-Name-First: John Author-X-Name-Last: Marangos Title: John Rogers Commons on Power Journal: International Journal of Political Economy Pages: 50-66 Issue: 4 Volume: 35 Year: 2006 Month: 12 X-DOI: 10.2753/IJP0891-1916350403 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916350403 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:35:y:2006:i:4:p:50-66 Template-Type: ReDIF-Article 1.0 Author-Name: Virginie Monvoisin Author-X-Name-First: Virginie Author-X-Name-Last: Monvoisin Author-Name: Louis-Philippe Rochon Author-X-Name-First: Louis-Philippe Author-X-Name-Last: Rochon Title: Economic Power and the Real World: A Post-Keynesian Analysis of Power Journal: International Journal of Political Economy Pages: 5-30 Issue: 4 Volume: 35 Year: 2006 Month: 12 X-DOI: 10.2753/IJP0891-1916350401 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916350401 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:35:y:2006:i:4:p:5-30 Template-Type: ReDIF-Article 1.0 Author-Name: Mario Seccareccia Author-X-Name-First: Mario Author-X-Name-Last: Seccareccia Title: Editor's Introduction Journal: International Journal of Political Economy Pages: 3-4 Issue: 4 Volume: 35 Year: 2006 Month: 12 X-DOI: 10.2753/IJP0891-1916350400 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916350400 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:35:y:2006:i:4:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Engelbert Stockhammer Author-X-Name-First: Engelbert Author-X-Name-Last: Stockhammer Title: Uncertainty, Class, and Power Journal: International Journal of Political Economy Pages: 31-49 Issue: 4 Volume: 35 Year: 2006 Month: 12 X-DOI: 10.2753/IJP0891-1916350402 File-URL: http://hdl.handle.net/10.2753/IJP0891-1916350402 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:35:y:2006:i:4:p:31-49 Template-Type: ReDIF-Article 1.0 Author-Name: Mario Seccareccia Author-X-Name-First: Mario Author-X-Name-Last: Seccareccia Title: In Memoriam: Julio López Gallardo 1941–2020 Journal: International Journal of Political Economy Pages: 93-93 Issue: 2 Volume: 49 Year: 2020 Month: 4 X-DOI: 10.1080/08911916.2020.1778867 File-URL: http://hdl.handle.net/10.1080/08911916.2020.1778867 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:49:y:2020:i:2:p:93-93 Template-Type: ReDIF-Article 1.0 Author-Name: Juan Carlos Moreno-Brid Author-X-Name-First: Juan Carlos Author-X-Name-Last: Moreno-Brid Author-Name: Carlo Panico Author-X-Name-First: Carlo Author-X-Name-Last: Panico Author-Name: MartÃn Carlos Puchet Anyul Author-X-Name-First: MartÃn Carlos Author-X-Name-Last: Puchet Anyul Title: Julio López: Thinker, Sailor, Mentor, Friend Journal: International Journal of Political Economy Pages: 94-97 Issue: 2 Volume: 49 Year: 2020 Month: 4 X-DOI: 10.1080/08911916.2020.1778863 File-URL: http://hdl.handle.net/10.1080/08911916.2020.1778863 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:49:y:2020:i:2:p:94-97 Template-Type: ReDIF-Article 1.0 Author-Name: Jan Toporowski Author-X-Name-First: Jan Author-X-Name-Last: Toporowski Title: Julio López Gallardo and Writing About Kalecki Journal: International Journal of Political Economy Pages: 98-100 Issue: 2 Volume: 49 Year: 2020 Month: 4 X-DOI: 10.1080/08911916.2020.1778868 File-URL: http://hdl.handle.net/10.1080/08911916.2020.1778868 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:49:y:2020:i:2:p:98-100 Template-Type: ReDIF-Article 1.0 Author-Name: Malcolm Sawyer Author-X-Name-First: Malcolm Author-X-Name-Last: Sawyer Title: Julio López Gallardo: Some Personal Recollections Journal: International Journal of Political Economy Pages: 101-101 Issue: 2 Volume: 49 Year: 2020 Month: 4 X-DOI: 10.1080/08911916.2020.1778865 File-URL: http://hdl.handle.net/10.1080/08911916.2020.1778865 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:49:y:2020:i:2:p:101-101 Template-Type: ReDIF-Article 1.0 Author-Name: Thomas Ferguson Author-X-Name-First: Thomas Author-X-Name-Last: Ferguson Author-Name: Benjamin I. Page Author-X-Name-First: Benjamin I. Author-X-Name-Last: Page Author-Name: Jacob Rothschild Author-X-Name-First: Jacob Author-X-Name-Last: Rothschild Author-Name: Arturo Chang Author-X-Name-First: Arturo Author-X-Name-Last: Chang Author-Name: Jie Chen Author-X-Name-First: Jie Author-X-Name-Last: Chen Title: The Roots of Right-Wing Populism: Donald Trump in 2016 Abstract: Using survey data from the American National Election Study (ANES) and aggregate data on Congressional districts, this article assesses the roles that economic and social factors played in Donald J. Trump’s 2016 “populist†presidential candidacy. It shows the hollowness of claims that economic issues played little or no role. While agreeing that racial resentment and sexism were important factors, the article shows how various economic considerations helped Trump win the Republican nomination and then led significant blocs of voters to shift from supporting Democrats or abstaining in 2012 to vote for him. It also presents striking evidence of the importance of political money and Senators’ “reverse coattails†in the final result. Journal: International Journal of Political Economy Pages: 102-123 Issue: 2 Volume: 49 Year: 2020 Month: 4 X-DOI: 10.1080/08911916.2020.1778861 File-URL: http://hdl.handle.net/10.1080/08911916.2020.1778861 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:49:y:2020:i:2:p:102-123 Template-Type: ReDIF-Article 1.0 Author-Name: Wesley C. Marshall Author-X-Name-First: Wesley C. Author-X-Name-Last: Marshall Author-Name: Eugenia Correa Author-X-Name-First: Eugenia Author-X-Name-Last: Correa Title: Populism and (Neo) Liberalism: The Polanyian Perspective Seen from Latin America Abstract: This article applies a Polanyian framework to the rise of populism in the countries of the North Atlantic and the fall of the Pink Tide governments in Latin America. By taking a global vantage point from the perspective of Latin America, we argue that haute finance has served as the fulcrum of a single political movement that has washed out governments serving the general will in the South, and washed in governments that do not in the North. As we argue, a Polanyian framework offers clarity in the muddled understanding of populism, and the recent experiences of Latin America offer greater insight into the second global neoliberal wave. Journal: International Journal of Political Economy Pages: 124-138 Issue: 2 Volume: 49 Year: 2020 Month: 4 X-DOI: 10.1080/08911916.2020.1778862 File-URL: http://hdl.handle.net/10.1080/08911916.2020.1778862 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:49:y:2020:i:2:p:124-138 Template-Type: ReDIF-Article 1.0 Author-Name: Paolo Ramazzotti Author-X-Name-First: Paolo Author-X-Name-Last: Ramazzotti Title: Economic Policy, Social Identity and Social Consensus Abstract: The paper discusses neoliberalism’s success in the achievement of consensus despite its negative consequences in terms of growth performance, income distribution and overall precarious living conditions. It contends that there is more to the issue than ideology. Its main contention is that (neoliberal) policy feeds back on how people view the economy, society and themselves. It changes the way they self-identify and their salient identities. It ultimately affects how voters choose policy makers. Over the past decades this process reinforced social consensus for neoliberal policies even though those policies did not make people better off. Contrary to idealized views of democracy, it reflected a reduction of the capabilities that should allow people to choose how to conduct their lives. From a methodological perspective, this suggests that economic policy does not consist in the mere application of theory to reality, in that policy goals depend on an envisaged future that theory helps to understand but cannot fully systematize. From a policy perspective, it calls for a more active role of intermediate collective agents in the determination of those goals. Journal: International Journal of Political Economy Pages: 139-152 Issue: 2 Volume: 49 Year: 2020 Month: 4 X-DOI: 10.1080/08911916.2020.1778864 File-URL: http://hdl.handle.net/10.1080/08911916.2020.1778864 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:49:y:2020:i:2:p:139-152 Template-Type: ReDIF-Article 1.0 Author-Name: Enno Schröder Author-X-Name-First: Enno Author-X-Name-Last: Schröder Author-Name: Servaas Storm Author-X-Name-First: Servaas Author-X-Name-Last: Storm Title: Economic Growth and Carbon Emissions: The Road to “Hothouse Earth†is Paved with Good Intentions Abstract: De-carbonization to restrict future global warming to 1.5 °C is technically feasible but may impose a “limit†or “planetary boundary†to economic growth, depending on whether or not human society can decouple growth from emissions. In this paper, we assess the viability of decoupling. First, we develop a prognosis of climate-constrained global growth for 2014–2050 using the transparent Kaya identity. Second, we use the Carbon-Kuznets-Curve framework to assess the effect of economic growth on emissions using measures of territorial and consumption-based emissions. We run fixed-effects regressions using OECD data for 58 countries during 2007–2015 and source alternative emissions data starting in 1992 from two other databases. While there is weak evidence suggesting a decoupling of emissions and growth at high-income levels, the main estimation sample indicates that emissions are monotonically increasing with per-capita GDP. We draw out the implications for climate policy and binding emission reduction obligations. Journal: International Journal of Political Economy Pages: 153-173 Issue: 2 Volume: 49 Year: 2020 Month: 4 X-DOI: 10.1080/08911916.2020.1778866 File-URL: http://hdl.handle.net/10.1080/08911916.2020.1778866 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:49:y:2020:i:2:p:153-173 Template-Type: ReDIF-Article 1.0 Author-Name: Lance Taylor Author-X-Name-First: Lance Author-X-Name-Last: Taylor Title: Germany and China Have Savings Gluts, the USA Is a Sump: So What? Abstract: A “global saving glut†was invented by Ben Bernanke in 2005 as a label for positive net lending (imports exceeding exports) to the American economy by the rest of the world. This trading situation had already emerged around 1980 and led to the Plaza Accord in 1985. One common explanation is based on the Mundell–Fleming IS/LM/BP model. But this model cannot be valid, since the “BP†equation is not independent of “IS.†Other champions of this saving glut hypothesis rely on loanable funds theory, which is institutionally inadequate. More plausible analyses of the persistent trade imbalance can be derived from a two-country IS/LM set-up devised by Wynne Godley, a Kaleckian description of the political economy of East Asia and the United States, and dissection of the terms of trade due to W. Arthur Lewis and Luigi Pasinetti. Journal: International Journal of Political Economy Pages: 175-187 Issue: 3 Volume: 49 Year: 2020 Month: 8 X-DOI: 10.1080/08911916.2020.1824737 File-URL: http://hdl.handle.net/10.1080/08911916.2020.1824737 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:49:y:2020:i:3:p:175-187 Template-Type: ReDIF-Article 1.0 Author-Name: James Culham Author-X-Name-First: James Author-X-Name-Last: Culham Title: A Taxonomy of Liquidity Abstract: The term “liquidity†covers many concepts but is generally taken to refer to the ease of convertibility into money. The literature classifies this ease of convertibility as “market liquidity†to distinguish it from “funding liquidity,†which represents the ease of obtaining funding. Many other forms of liquidity can be identified that do not receive their own specific classification. A more granular taxonomy that clarifies and distinguishes each form would permit greater analytical precision when investigating empirical evidence. This paper offers such a taxonomy. Journal: International Journal of Political Economy Pages: 188-202 Issue: 3 Volume: 49 Year: 2020 Month: 8 X-DOI: 10.1080/08911916.2020.1824734 File-URL: http://hdl.handle.net/10.1080/08911916.2020.1824734 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:49:y:2020:i:3:p:188-202 Template-Type: ReDIF-Article 1.0 Author-Name: Danielle Santanna Author-X-Name-First: Danielle Author-X-Name-Last: Santanna Title: The History of Consumer Credit in Brazil: From the Developmentalist Era to Lula Abstract: A vast literature describes the process of credit expansion that took place in the early 2000s in Brazil, which entailed a strong increase in consumer credit. Given the centrality of consumer credit not only in the determination of macroeconomic dynamics but also in the daily life of the population, the history of its evolution is a recurring and important theme in the context of developed countries. Such a history has, however, not been told for the Brazilian case. Using archival and other sources, this paper puts this process into historical perspective using a Social Structure of Accumulation framework. We find that the expansion of consumer credit has underpinned Brazil’s accumulation regimes. Putting consumer credit to the historical test allows us to deepen the understanding of its modern expansion and the role played by this credit in the organization of the economic system through time. Journal: International Journal of Political Economy Pages: 203-221 Issue: 3 Volume: 49 Year: 2020 Month: 8 X-DOI: 10.1080/08911916.2020.1824736 File-URL: http://hdl.handle.net/10.1080/08911916.2020.1824736 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:49:y:2020:i:3:p:203-221 Template-Type: ReDIF-Article 1.0 Author-Name: Keston K. Perry Author-X-Name-First: Keston K. Author-X-Name-Last: Perry Title: Structuralism and Human Development: A Seamless Marriage? An Assessment of Poverty, Production and Environmental Challenges in CARICOM Countries Abstract: The article examines the current human development experience of CARICOM nations focusing on the interconnected challenges of poverty, production and the environment that show continuing uneven development. Using an extended structuralist framework based on international political economy dynamics, it incorporates organizational dynamics and domestic politics, especially the role of rents in influencing productive and inclusive development. In this way, the article examines the 2016 Caribbean Human Development Report (CHDR) and finds evidence that human development, proxied by expenditures on education and healthcare, has decoupled from productive capability evinced by decreasing industrial output. We concur with recent critiques of the human development paradigm (HDP) that it has ignored a productionist view of development and thus limits the scope of development policy to bring about broad production transformation. By and large, structural heterogeneity also represents a challenge in CARICOM countries. Linked to questions of development finance, we find that the CHDR’s analysis of environmental concerns offers a narrow instrumentalist view and further marginalizes a deeper understanding of CARICOM countries’ asymmetrical relationship with transnational forces in the global economy. This contribution offers an integrated approach showing continued peripheralization and helps identify structural, socio-political and technical drivers that underpin the region’s complex development challenges. Journal: International Journal of Political Economy Pages: 222-242 Issue: 3 Volume: 49 Year: 2020 Month: 8 X-DOI: 10.1080/08911916.2020.1824735 File-URL: http://hdl.handle.net/10.1080/08911916.2020.1824735 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:49:y:2020:i:3:p:222-242 Template-Type: ReDIF-Article 1.0 Author-Name: Francisco A. Castellanos-Sosa Author-X-Name-First: Francisco A. Author-X-Name-Last: Castellanos-Sosa Title: Labor Productivity Convergence in Mexico Abstract: Mexico exhibits the lowest labor productivity of all OECD countries and main groups of nations. However, little is known about its behavior at the sector-state level, or whether it was affected by the global financial crisis (GFC). Therefore, this paper explores the extent to which the GFC affected the convergence—catch-up—process of seventeen Mexican economic sectors in the 1999–2014 period. Moreover, this paper identifies the regions that were more affected by the GFC and analyzes whether the sectoral composition is driving the states’ labor productivity convergence patterns. Results suggest that the GFC pushed 13 economic sectors toward convergence and changed the direction of the pre-GFC catch-up trend in 15; that the labor productivity convergence pattern barely changed in the north of Mexico in the short term, and that the biggest changes occurred in the center and south regions; and that states’ sectoral composition drives their labor productivity patterns. Journal: International Journal of Political Economy Pages: 243-260 Issue: 3 Volume: 49 Year: 2020 Month: 8 X-DOI: 10.1080/08911916.2020.1824733 File-URL: http://hdl.handle.net/10.1080/08911916.2020.1824733 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:49:y:2020:i:3:p:243-260 Template-Type: ReDIF-Article 1.0 Author-Name: Mario Seccareccia Author-X-Name-First: Mario Author-X-Name-Last: Seccareccia Author-Name: Louis-Philippe Rochon Author-X-Name-First: Louis-Philippe Author-X-Name-Last: Rochon Title: What Have We Learned from the COVID-19 Crisis? Domestic and International Dimensions and Policy Options for a Post-Coronavirus World: Introduction Abstract: This introductory article describes how modern financialized capitalist economies of the 21st Century, which adopted the neoliberal creed over the last half-century, have been facing increasing vulnerabilities whose acceptance of this policy system has made them progressively susceptible to crises, of which the COVID-19 pandemic will not be the last. Government actions, especially on the fiscal side, have led to an unprecedented evolution of key macroeconomic variables which have stood on its head the neoliberal logic. Given the requirements to protect our societies from the Coronavirus through programmed cuts in both employment and consumption spending, particularly during the severe lockdowns, government actions have not only starved modern credit-driven financialized economies of their key fuel but have, in many ways, further magnified the income and wealth inequalities that characterize our 21st Century dual economies. The challenge will be how to break away from the neoliberal discourse that wants a return to the austerity policy box and to focuses, instead, on much-needed public investments with an eye to the future that will build public capacity so that modern societies become less vulnerable to future crises. Journal: International Journal of Political Economy Pages: 261-264 Issue: 4 Volume: 49 Year: 2020 Month: 11 X-DOI: 10.1080/08911916.2020.1857588 File-URL: http://hdl.handle.net/10.1080/08911916.2020.1857588 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:49:y:2020:i:4:p:261-264 Template-Type: ReDIF-Article 1.0 Author-Name: MatÃas Vernengo Author-X-Name-First: MatÃas Author-X-Name-Last: Vernengo Author-Name: Suranjana Nabar-Bhaduri Author-X-Name-First: Suranjana Author-X-Name-Last: Nabar-Bhaduri Title: The Economic Consequences of COVID-19: The Great Shutdown and the Rethinking of Economic Policy Abstract: This article examines the implications of the COVID-19 economic crisis for macroeconomic policy, and the roles of the State and the Fed and monetary policy in the United States economy. It argues that that the main effect will be to reinforce trends that had begun during the 2008 Great Recession in terms of the increasing relevance of counter-cyclical fiscal policies and monetary policy. The scale of fiscal policy responses needed to address the present crisis will have significant implications for the size of fiscal deficits and the federal debt, and are, therefore, likely to face political resistance and calls for fiscal austerity. Not only higher levels of deficits and debt will be necessary, but to some degree planning, not just to deal with pandemics, might become more relevant. Geopolitical concerns, aggravated by the pandemic will be another significant factor contributing to the growing role of the state. The financing needs of the fiscal interventions will in turn reinforce trends with respect to the role of the Fed as the fiscal agent of the Treasury that had been previously witnessed during the Great Depression and the 2007–9 Great Recession. Journal: International Journal of Political Economy Pages: 265-277 Issue: 4 Volume: 49 Year: 2020 Month: 11 X-DOI: 10.1080/08911916.2020.1857589 File-URL: http://hdl.handle.net/10.1080/08911916.2020.1857589 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:49:y:2020:i:4:p:265-277 Template-Type: ReDIF-Article 1.0 Author-Name: Nelson H. Barbosa-Filho Author-X-Name-First: Nelson H. Author-X-Name-Last: Barbosa-Filho Author-Name: Alex Izurieta Author-X-Name-First: Alex Author-X-Name-Last: Izurieta Title: The Risk of a Second Wave of Post-Crisis Frailty in the World Economy Abstract: This article assesses the scope for economic recovery following the COVID-19 shock. A theoretical review looks at the interplay between the forces of aggregate demand and income generation, on the one hand, and distribution and finance, on the other hand. The role of the public sector is shown to be pivotal. But the injections/leakages framework proposed in the empirical analysis uncovers a disappointing configuration of global demand and policies. The public sector as a driver of demand, distribution and financial stability has been virtually removed. Instead, it was replaced by finance-led schemes that have caused stepwise decelerations in economic growth and increases in government financial constraints, crisis after crisis. On this basis, the prospects for a sustained global recovery after the pandemic look unmistakably grim, barring a radical reorientation of policies. Journal: International Journal of Political Economy Pages: 278-303 Issue: 4 Volume: 49 Year: 2020 Month: 11 X-DOI: 10.1080/08911916.2020.1857585 File-URL: http://hdl.handle.net/10.1080/08911916.2020.1857585 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:49:y:2020:i:4:p:278-303 Template-Type: ReDIF-Article 1.0 Author-Name: Wesley C. Marshall Author-X-Name-First: Wesley C. Author-X-Name-Last: Marshall Author-Name: Eugenia Correa Author-X-Name-First: Eugenia Author-X-Name-Last: Correa Title: The Crossroads: The Political Economy of the Pandemic Abstract: In this article, we analyze the management of the global coronavirus pandemic with a critical focus on global neoliberalism and from the perspective of Latin America. As we argue, after decades of austerity programs and multiple rounds of macroeconomic crises, many lessons can be gleaned as to how global neoliberalism operates. In order to make sense of the global response to the pandemic and how it has been presented to the public, we not only draw on almost a half century of economic history—Latin American and otherwise—but also on the theoretical framework established by Karl and Kari Polanyi. As we argue, the pandemic response can be best understood as the most recent example of Disaster Capitalism, with the underlying goal of strengthening and expanding the reach of the global neoliberal project, and neutralizing any response to it. Journal: International Journal of Political Economy Pages: 304-317 Issue: 4 Volume: 49 Year: 2020 Month: 11 X-DOI: 10.1080/08911916.2020.1857587 File-URL: http://hdl.handle.net/10.1080/08911916.2020.1857587 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:49:y:2020:i:4:p:304-317 Template-Type: ReDIF-Article 1.0 Author-Name: Pablo G. Bortz Author-X-Name-First: Pablo G. Author-X-Name-Last: Bortz Author-Name: Gabriel Michelena Author-X-Name-First: Gabriel Author-X-Name-Last: Michelena Author-Name: Fernando Toledo Author-X-Name-First: Fernando Author-X-Name-Last: Toledo Title: A Gathering of Storms: The Impact of COVID-19 Pandemic on the Balance of Payments of Emerging Markets and Developing Economies (EMDEs) Abstract: The aim of this article is to track the impact of the COVID-19 pandemic crisis on EMDEs focusing on the performance of their Balance of Payments (BOPs). EMDEs are facing simultaneous hits in their BOPs as they try to cope with the domestic impact of the COVID-19 pandemic. Those impacts call for a rethinking of some aspects of the Keynesian Approach to BOPs while strengthening the view of international financial markets as hierarchical and volatile institutions. The external impacts can be summarized in four channels: (i) The unprecedented capital flight which has led to depreciation, scarcity of hard currency, debt problems and rising spreads in domestic currency; (ii) the fall in commodity prices, a major component of the export basket in most EMDEs; (iii) the contraction in global aggregate demand and supply, which together with lower commodity prices lead to reduced export earnings; and (iv) the decrease in remittances, a major supply of hard currency in several EMDEs and Low-Income Countries (LICs). The concomitant impact of these “storms†has limited the capabilities and efficiency of governments to adopt fiscal and monetary stimulus packages and to respond to the sanitary requirements. Government reactions are also clogged by the large weight of the informal sector in EMDEs. Journal: International Journal of Political Economy Pages: 318-335 Issue: 4 Volume: 49 Year: 2020 Month: 11 X-DOI: 10.1080/08911916.2020.1857586 File-URL: http://hdl.handle.net/10.1080/08911916.2020.1857586 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:49:y:2020:i:4:p:318-335 Template-Type: ReDIF-Article 1.0 Author-Name: Mario Seccareccia Author-X-Name-First: Mario Author-X-Name-Last: Seccareccia Title: Editor’s Note Journal: International Journal of Political Economy Pages: 1-1 Issue: 1 Volume: 50 Year: 2021 Month: 2 X-DOI: 10.1080/08911916.2021.1910767 File-URL: http://hdl.handle.net/10.1080/08911916.2021.1910767 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:50:y:2021:i:1:p:1-1 Template-Type: ReDIF-Article 1.0 Author-Name: Enrico Sergio Levrero Author-X-Name-First: Enrico Sergio Author-X-Name-Last: Levrero Title: Estimates of the Natural Rate of Interest and the Stance of Monetary Policies: A Critical Assessment Abstract: By focusing on the literature on the estimates of the natural rate of interest, this paper critically analyses the modern practice of identifying the benchmark rate of monetary policy with an equilibrium or neutral interest rate reflecting “fundamental forces†unaffected by monetary factors. After briefly mentioning the determinants of the natural rate of interest in the New Keynesian models, the paper discusses the different notions of it that we find in these models and the problems encountered when the natural rate is estimated. It states that these problems are not only related to the difficulties in distinguishing the kind and persistency of economic shocks, but pertain to theory, namely to model specification and the alleged independence of the average or normal interest rate from monetary policy. Following Keynes’s suggestion regarding the monetary nature of interest rates, some final remarks will be advanced on their effects on prices and income distribution as well as on the objectives and stance of monetary policies Journal: International Journal of Political Economy Pages: 5-27 Issue: 1 Volume: 50 Year: 2021 Month: 2 X-DOI: 10.1080/08911916.2021.1894829 File-URL: http://hdl.handle.net/10.1080/08911916.2021.1894829 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:50:y:2021:i:1:p:5-27 Template-Type: ReDIF-Article 1.0 Author-Name: Gregorio Vidal Author-X-Name-First: Gregorio Author-X-Name-Last: Vidal Title: Eugenia Correa In Memoriam (1954–2021) Journal: International Journal of Political Economy Pages: 2-4 Issue: 1 Volume: 50 Year: 2021 Month: 2 X-DOI: 10.1080/08911916.2021.1910766 File-URL: http://hdl.handle.net/10.1080/08911916.2021.1910766 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:50:y:2021:i:1:p:2-4 Template-Type: ReDIF-Article 1.0 Author-Name: Danielle Guizzo Author-X-Name-First: Danielle Author-X-Name-Last: Guizzo Title: Reassessing Foucault: Power in the History of Political Economy Abstract: This article examines Michel Foucault’s contributions to the study of power in the history of political economy. It employs Foucault’s readings on economic thought to investigate two moments in the history of political economy: classical political economy and Keynesian economics, in which economic reasoning and practice affected the creation and dissemination of power relations in the social realm. By reconsidering the ontological dynamics that encompass the modern role of the state, economic policies and civil society, the article explores how power displays a changing face in light of different discursive and non-discursive elements throughout the history of political economy, in which “economic knowledge†and “scientific discourses†are reconceived as political apparatuses. The article concludes how a closer look into Foucault’s historical ontology allows for a reassessment of the field of action of political economy, showing its consequences in the political field, in the interpretation of historical facts and in the analysis of power/truth. More specifically, how moments in the history of political economy can be reconsidered not simply as systems of economic ideas, but as political apparatuses that create power. Journal: International Journal of Political Economy Pages: 60-74 Issue: 1 Volume: 50 Year: 2021 Month: 2 X-DOI: 10.1080/08911916.2021.1894828 File-URL: http://hdl.handle.net/10.1080/08911916.2021.1894828 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:50:y:2021:i:1:p:60-74 Template-Type: ReDIF-Article 1.0 Author-Name: Fernanda Feil Author-X-Name-First: Fernanda Author-X-Name-Last: Feil Author-Name: Carmem Feijó Author-X-Name-First: Carmem Author-X-Name-Last: Feijó Title: Development Banks as an Arm of Economic Policy – Promoting Sustainable Structural Change Abstract: Since the 2007/2008 financial crisis, State-owned financial institutions (SFIs) have reinforced their essentiality for countercyclical actions. This article argues that SFIs are vital for the development process of peripheral countries not only because they correct market failures and have the prerogative to act countercyclically but they have the ability to be instruments of public policy. SFIs, specifically development banks, are essential to promote peripheral countries' catching up since they can operate as part of the State toolkit. To do so, they must act in line with other government policies—fiscal, monetary, foreign exchange, and industrial. Credit policy through development banks can be seen as a permanent device for managing aggregate demand. Journal: International Journal of Political Economy Pages: 44-59 Issue: 1 Volume: 50 Year: 2021 Month: 2 X-DOI: 10.1080/08911916.2021.1894827 File-URL: http://hdl.handle.net/10.1080/08911916.2021.1894827 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:50:y:2021:i:1:p:44-59 Template-Type: ReDIF-Article 1.0 Author-Name: George H. Blackford Author-X-Name-First: George H. Author-X-Name-Last: Blackford Title: Keynes on Economic Stagnation and Debt Abstract: The purpose of this article is to explain how the failure of neoclassical economics to embrace Keynes’ arguments with regard to the long-run tendency of the economic system to trend toward stagnation and to ignore the problems endemic in the economics of debt facilitated the adoption of economic policies in the United States that contributed to the economic, political, and social problems we face today. Journal: International Journal of Political Economy Pages: 28-43 Issue: 1 Volume: 50 Year: 2021 Month: 2 X-DOI: 10.1080/08911916.2021.1894826 File-URL: http://hdl.handle.net/10.1080/08911916.2021.1894826 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:50:y:2021:i:1:p:28-43 Template-Type: ReDIF-Article 1.0 Author-Name: Jeronim Capaldo Author-X-Name-First: Jeronim Author-X-Name-Last: Capaldo Title: Comfort of Conformity Abstract: A reality check on dynamic, stochastic general equilibrium (DSGE) models was overdue and Servaas Storm has filled the void. His sharp, complete, yet succinct analysis of these models’ shortcomings is a stepping stone for macroeconomists who want to move on. Macroeconomic policy has been captive to “evil twins,†DSGE and computable general equilibrium (CGE) models, inheriting their disconnect from some of reality’s most pressing problems. The latest example is the Italian government’s plan to recover from the COVID-19 crisis, which showcases these models’ inability to account for demand-driven growth. Better models exist but require more investment to break the blockade of current expert opinion. Journal: International Journal of Political Economy Pages: 107-110 Issue: 2 Volume: 50 Year: 2021 Month: 4 X-DOI: 10.1080/08911916.2021.1944592 File-URL: http://hdl.handle.net/10.1080/08911916.2021.1944592 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:50:y:2021:i:2:p:107-110 Template-Type: ReDIF-Article 1.0 Author-Name: Servaas Storm Author-X-Name-First: Servaas Author-X-Name-Last: Storm Title: Cordon of Conformity: Why DSGE Models Are Not the Future of Macroeconomics Abstract: The Rebuilding Macroeconomic Theory Project, led by David Vines and Samuel Wills (2020), is an important, albeit long overdue, initiative to rethink a failing mainstream macroeconomics. Professors Vines and Wills, who must be congratulated for stepping up to the challenge of trying to make mainstream macroeconomics relevant again, call for a new multiple-equilibrium and diverse (MEADE) paradigm for macroeconomics. Their idea is to start with simple models, ideally two-dimensional sketches, that explain mechanisms that can cause multiple equilibria. These mechanisms should then be incorporated into larger DSGE models in a new, multiple-equilibrium synthesis – to see how the fundamental pieces of the economy fit together, subject to it being “properly micro-foundedâ€. This paper argues that the MEADE paradigm is bound to fail, because it maintains the DSGE model as the unifying framework at the center of macroeconomic analysis. The paper reviews 10 fundamental weaknesses inherent in DSGE models which make these models irreparably useless for macroeconomic policy analysis. Mainstream macroeconomics must put DSGE models, once and for all, in the Museum of Implausible Economic Models – and learn important lessons from non-DSGE macroeconomic approaches. Journal: International Journal of Political Economy Pages: 77-98 Issue: 2 Volume: 50 Year: 2021 Month: 4 X-DOI: 10.1080/08911916.2021.1929582 File-URL: http://hdl.handle.net/10.1080/08911916.2021.1929582 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:50:y:2021:i:2:p:77-98 Template-Type: ReDIF-Article 1.0 Author-Name: Kerem Kiper Author-X-Name-First: Kerem Author-X-Name-Last: Kiper Title: Industrial Pricing in Turkish Manufacturing During the Early 2000s: A Post-Keynesian Approach Abstract: In this study, the pricing behavior of Turkish manufacturing is analyzed using panel data on 22 sub-sectors for the period from 2004 to 2015. The empirical findings of the study largely support the post-Keynesian hypothesis, in that the monopolistic power and non-wage costs of the sectors have a strong relationship with prices. However, one notable finding is that contrary to theoretical expectations, a statistically significant relationship between industrial prices and wage costs could not be determined. This finding implies that labor is not a serious cost element and can be interpreted as reflecting the pressure and flexibility policies established on labor when the neoliberal transformation is gaining momentum. Further, strong statistical evidence supports the validity of markup pricing in the oligopolistic sectors, which appears to have declined after the global financial crisis. Finally, the results indicate that increasing foreign trade openness in those industries with a production structure that is dependent on imported input factors does not appear to discipline markets by suppressing markup rates. Journal: International Journal of Political Economy Pages: 165-181 Issue: 2 Volume: 50 Year: 2021 Month: 4 X-DOI: 10.1080/08911916.2021.1936910 File-URL: http://hdl.handle.net/10.1080/08911916.2021.1936910 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:50:y:2021:i:2:p:165-181 Template-Type: ReDIF-Article 1.0 Author-Name: Elissa Braunstein Author-X-Name-First: Elissa Author-X-Name-Last: Braunstein Author-Name: Stephanie Seguino Author-X-Name-First: Stephanie Author-X-Name-Last: Seguino Author-Name: Levi Altringer Author-X-Name-First: Levi Author-X-Name-Last: Altringer Title: Estimating the Role of Social Reproduction in Economic Growth Abstract: Do investments in social reproduction, or the time and commodities that it takes to produce and maintain the labor force, actually matter for the rate of economic growth? Using a Kaleckian macroeconomic model that incorporates gender and care provisioning, this article seeks to empirically evaluate this question. With panel data for a set of 121 countries between 1991 and 2015, the article uses principal component analysis to generate estimates of social reproduction regime by country, and then applies these estimates in growth regression analysis. Results indicate that the pressure on women’s care time that comes with their increasing labor-force participation—absent strong social and more gender-egalitarian supports for care provisioning—compromises investment and growth. In economies where those supports for social reproduction exist, the increasingly outward-oriented and market-driven macro structures and policies that prevail across a variety of countries, including those associated with financialization, are shown to constrain investment in human capacities and long-run productivity growth. In mutual social reproduction regimes, greater gender equality in the labor market and in the distribution of responsibilities for care also stimulates economic growth, while regimes built on the exploitation of women’s labor in these domains generate lower growth. Journal: International Journal of Political Economy Pages: 143-164 Issue: 2 Volume: 50 Year: 2021 Month: 4 X-DOI: 10.1080/08911916.2021.1942963 File-URL: http://hdl.handle.net/10.1080/08911916.2021.1942963 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:50:y:2021:i:2:p:143-164 Template-Type: ReDIF-Article 1.0 Author-Name: David Colander Author-X-Name-First: David Author-X-Name-Last: Colander Title: Does Macroeconomics Have a DSGE Future? Abstract: Dynamic stochastic general equilibrium (DSGE) macro theory has lots of problems, many of them nicely listed and outlined in Servaas Storm’s article, “Cordon of Conformity: Why DSGE Models Are Not the Future of Macroeconomics.†Recognition of those fallacies is useful reading, but is unlikely to change the current state of macro theory, which is deeply entangled with DSGE elements. A major reason why is that the arguments for macroeconomic intervention versus nonintervention are, to a large degree, not based on macro theory. They are based on moral, empirical, and institutional judgements that extend far beyond economics. Neither critics nor DSGE economists discuss them, and both allow macro theory to hide those judgments. Journal: International Journal of Political Economy Pages: 99-102 Issue: 2 Volume: 50 Year: 2021 Month: 4 X-DOI: 10.1080/08911916.2021.1944593 File-URL: http://hdl.handle.net/10.1080/08911916.2021.1944593 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:50:y:2021:i:2:p:99-102 Template-Type: ReDIF-Article 1.0 Author-Name: Orsola Costantini Author-X-Name-First: Orsola Author-X-Name-Last: Costantini Title: Guest Editor’s Note Journal: International Journal of Political Economy Pages: 75-76 Issue: 2 Volume: 50 Year: 2021 Month: 4 X-DOI: 10.1080/08911916.2021.1945231 File-URL: http://hdl.handle.net/10.1080/08911916.2021.1945231 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:50:y:2021:i:2:p:75-76 Template-Type: ReDIF-Article 1.0 Author-Name: Servaas Storm Author-X-Name-First: Servaas Author-X-Name-Last: Storm Title: A Rejoinder Abstract: This is a rejoinder to the stimulating comments by David Colander, Drucilla Barker and Jeronim Capaldo on my critique of the non-progressive macroeconomic DSGE research paradigm. The three comments expand my arguments and underscore the need for a drastic change in the mainstream approach to macroeconomics. Journal: International Journal of Political Economy Pages: 111-115 Issue: 2 Volume: 50 Year: 2021 Month: 4 X-DOI: 10.1080/08911916.2021.1945249 File-URL: http://hdl.handle.net/10.1080/08911916.2021.1945249 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:50:y:2021:i:2:p:111-115 Template-Type: ReDIF-Article 1.0 Author-Name: Drucilla K. Barker Author-X-Name-First: Drucilla K. Author-X-Name-Last: Barker Title: A Feminist Economist Joins the Conversation Abstract: Servaas Storm is correct in his assertion that currently macroeconomics needs fixing, and in his analyses, he shows that a renewed reliance on dynamic, stochastic general equilibrium (DSGE) models will only make matters worse. I argue that in addition they are unable to address the crises of care and social reproduction, because the macroeconomic aspects of these crises are tied to the problems of unemployment, poverty, and inequality. DSGE models lack empirical adequacy, elevate mathematical complexity and consistency above all other scientific values, and leave economics in the hands of elite cadre of economists. Journal: International Journal of Political Economy Pages: 103-106 Issue: 2 Volume: 50 Year: 2021 Month: 4 X-DOI: 10.1080/08911916.2021.1944591 File-URL: http://hdl.handle.net/10.1080/08911916.2021.1944591 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:50:y:2021:i:2:p:103-106 Template-Type: ReDIF-Article 1.0 Author-Name: Lance Taylor Author-X-Name-First: Lance Author-X-Name-Last: Taylor Author-Name: Nelson H. Barbosa-Filho Author-X-Name-First: Nelson H. Author-X-Name-Last: Barbosa-Filho Title: Inflation? It’s Import Prices and the Labor Share! Abstract: Recognizing that inflation of the value of output and its costs of production must be equal, we focus on a cost-based macroeconomic structuralist approach in contrast to micro-oriented monetarist analysis. For decades the import and profit shares of cost have risen, while the wage share has declined to around 50% with money wage increases lagging the sum of growth rates of prices and productivity. Conflicting claims to income are the underlying source of inflationary pressure. Contemporary structuralist theory suggests that conflicting income claims set the inflation rate. Firms can mark up costs but workers have latent bargaining power over the labor share that they can exercise. Import costs and policy repercussions complicate the picture, but a simple vector error correction model and visual analysis suggest that money wages would have to grow 1% point faster than prices plus productivity for several years if the Fed is to meet a 3% inflation target. The results pose a Biden policy trilemma: (i) the only path toward a more egalitarian size distribution of income is through a rising labor share (money wage growth exceeds price plus productivity growth), (ii) which would provoke faster inflation with feedback to rising interest rates, and (iii) the resulting asset price deflation likely facing political resistance from Wall Street and affluent households. Journal: International Journal of Political Economy Pages: 116-142 Issue: 2 Volume: 50 Year: 2021 Month: 4 X-DOI: 10.1080/08911916.2021.1920242 File-URL: http://hdl.handle.net/10.1080/08911916.2021.1920242 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:50:y:2021:i:2:p:116-142 Template-Type: ReDIF-Article 1.0 Author-Name: Alejandro Vanoli Author-X-Name-First: Alejandro Author-X-Name-Last: Vanoli Title: The Economy Between Pandemics Abstract: This article analyzes the economic and social impact of the pandemic in Argentina. It begins with the macroeconomic crisis that the new government had to face in December 2019 and the degrees of freedom available to be able to carry out compensatory fiscal and monetary policies to alleviate the effects of the pandemic. The article also analyzes the impact of these compensatory measures, their limits and results. In particular, it reviews the global impact of the pandemic, the different types of response at the international level and the asymmetry of the global recovery, in addition to evaluating different scenarios and their impact in Argentina and other developing countries. Finally, it also studies the temporary and permanent changes that the pandemic causes at the global level and suggests policy alternatives to avoid external restriction to face the crisis. It does so by laying the foundations for equitable development on the philosophical basis of Latin American structuralism and progressive thought, all within a new paradigmatic framework. Journal: International Journal of Political Economy Pages: 244-256 Issue: 3 Volume: 50 Year: 2021 Month: 7 X-DOI: 10.1080/08911916.2021.1984977 File-URL: http://hdl.handle.net/10.1080/08911916.2021.1984977 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:50:y:2021:i:3:p:244-256 Template-Type: ReDIF-Article 1.0 Author-Name: Marcia Solorza Author-X-Name-First: Marcia Author-X-Name-Last: Solorza Title: Responsible Fiscal Policy and Economic Development: A Challenge for Latin America After COVID-19 Abstract: The COVID-19 pandemic has made it evident that the deep global economic-financial crisis of 2007–2009 has not been overcome. Instability and uncertainty have reached extreme levels in all public and private spheres, demanding to revolutionize the economic structure, promote innovation in methods to manage production, generate originality in the social and institutional organization of the State and to accelerate the advent of new energy sources to promote in unprecedented ways the relationship between human beings and nature. In recent years and during the pandemic, in Latin American economies, unemployment, underemployment and informal employment, public debt, and inflation rates have increased, while the real income of governments fell. This situation is accompanied by persistent operating account deficits, public and private debt negotiations, high interest rates, periods of stability or appreciation in the exchange rate, volatility of foreign capital flows and flight of national capital; all being favorable elements for the mainstream policy based on fiscal discipline. In a post-pandemic stage, during which income concentration accelerates and the prices of basic necessities such as food and medicines increase, the planned government deficit, taking into account the heterogeneity among countries in the region, could avoid another lost decade with a multiplier effect on socio-economic development. Journal: International Journal of Political Economy Pages: 198-211 Issue: 3 Volume: 50 Year: 2021 Month: 7 X-DOI: 10.1080/08911916.2021.1984968 File-URL: http://hdl.handle.net/10.1080/08911916.2021.1984968 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:50:y:2021:i:3:p:198-211 Template-Type: ReDIF-Article 1.0 Author-Name: Jesus Ferreiro Author-X-Name-First: Jesus Author-X-Name-Last: Ferreiro Author-Name: Felipe Serrano Author-X-Name-First: Felipe Author-X-Name-Last: Serrano Title: The COVID Health Crisis and the Fiscal and Monetary Policies in the Euro Area Abstract: This paper explains the economic policy developed in the euro area to manage the economic effects induced by the COVID health crisis. First, an overview of developments in the euro area is presented. It then explains the fiscal decisions taken by member countries, as well as the monetary policy pursued by the European Central Bank. The final part reflects on the advisability of abandoning the fiscal rules that limit the fiscal capacity of states in order to favor economic recovery once the health crisis has been overcome. Journal: International Journal of Political Economy Pages: 212-225 Issue: 3 Volume: 50 Year: 2021 Month: 7 X-DOI: 10.1080/08911916.2021.1984730 File-URL: http://hdl.handle.net/10.1080/08911916.2021.1984730 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:50:y:2021:i:3:p:212-225 Template-Type: ReDIF-Article 1.0 Author-Name: Gary A. Dymski Author-X-Name-First: Gary A. Author-X-Name-Last: Dymski Title: Intersectional Inequality and Global Economic Power: Self-Feeding Dynamics Within and Across National Borders Abstract: This paper explores the interlinkages among several trends that have accelerated in the years since the Great Financial Crisis (GFC): the inability of governments in open emerging-market economies to sustain countercyclical policies; central banks’ measures to ensure the stability of hyper-leveraged global financial markets; rising inequality within and between nations; nativist fervor and a search for political scapegoats among voting publics; and enhanced global economic control by unaccountable corporate elites. We “connect the dots†between global power-plays and national and local stratification processes by following the trajectory of six papers that Eugenia Correa authored or coauthored between 2012 and 2020 in English-language journals. Journal: International Journal of Political Economy Pages: 189-197 Issue: 3 Volume: 50 Year: 2021 Month: 7 X-DOI: 10.1080/08911916.2021.1984729 File-URL: http://hdl.handle.net/10.1080/08911916.2021.1984729 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:50:y:2021:i:3:p:189-197 Template-Type: ReDIF-Article 1.0 Author-Name: Alicia Girón Author-X-Name-First: Alicia Author-X-Name-Last: Girón Author-Name: Mario Seccareccia Author-X-Name-First: Mario Author-X-Name-Last: Seccareccia Title: Remembering Eugenia Correa and Her Vision for the Future: Introduction Abstract: The purpose of this introductory piece is to offer readers an understanding of Eugenia Correa, who was one of Mexico’s foremost heterodox economists, and her important ideas. In the article, we describe our professional association with her for over 30 years and identify some common research agendas that were pursued over this long period. We also highlight some key elements of Eugenia Correa’s economic thought and why some of her ideas from the 1990s prove to be prescient since they are so appropriate to understanding our times. Journal: International Journal of Political Economy Pages: 183-188 Issue: 3 Volume: 50 Year: 2021 Month: 7 X-DOI: 10.1080/08911916.2021.1984943 File-URL: http://hdl.handle.net/10.1080/08911916.2021.1984943 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:50:y:2021:i:3:p:183-188 Template-Type: ReDIF-Article 1.0 Author-Name: Andrés Arauz Author-X-Name-First: Andrés Author-X-Name-Last: Arauz Title: The International Hierarchy of Money in Cross-Border Payment Systems: Developing Countries’ Regulation for Central Bank Digital Currencies and Facebook’s Stablecoin Abstract: Rich countries’ central bank digital currencies (CBDCs) and Facebook’s stablecoin constitute risks to developing countries. Foreign CBDCs risk facilitation of capital flight. Novi, Facebook’s wallet for WhatsApp risks countries’ domestic payment systems moving offshore. This article presents the analytical framework for assessing these risks by analyzing payment system dynamics in the framework of the theory of the monetary circuit applied to the international hierarchy of money. It quantifies the US and dollarized Ecuador’s pyramid of liabilities to demonstrate the impact of payment systems on the potential of banks’ money creation. While a domestic CBDC or a potent bank-money payment system can help to increase significantly the potential of money creation in a dollarized economy, the offshoring of domestic payment systems by substituting local currencies with foreign stablecoins such as Facebook’s Diem and its Novi wallet reduces the potential of money creation. It strongly encourages countries low in the hierarchy of money to engage in a diverse set of regulations to mitigate these risks preemptively and proactively regulate to promote a dynamic payment system without the risk of currency substitution. Journal: International Journal of Political Economy Pages: 226-243 Issue: 3 Volume: 50 Year: 2021 Month: 7 X-DOI: 10.1080/08911916.2021.1984728 File-URL: http://hdl.handle.net/10.1080/08911916.2021.1984728 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:50:y:2021:i:3:p:226-243 Template-Type: ReDIF-Article 1.0 Author-Name: Alicia Girón Author-X-Name-First: Alicia Author-X-Name-Last: Girón Author-Name: Jacobo Silva Author-X-Name-First: Jacobo Author-X-Name-Last: Silva Title: The Indian Banking System, Financial Fragility, and Deregulation Abstract: Indian banking has undergone structural changes from financial reform and the process of deregulation during the 1990s. Added to this is a new element, the COVID-19 pandemic, and its effects on the banking system. The categories of concentration and centralization of capital and the increasing instability of banking institutions will enable an assessment of banking fragility as well as the impact and repercussions of the pandemic. The economic fragility of India's banking system has been a constant over the past few decades. The objective of this article is to analyze the profitability of the banking system, the banks’ non-performing loans and the government's strategy to prevent a banking crisis. Journal: International Journal of Political Economy Pages: 292-317 Issue: 4 Volume: 50 Year: 2021 Month: 10 X-DOI: 10.1080/08911916.2021.2001245 File-URL: http://hdl.handle.net/10.1080/08911916.2021.2001245 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:50:y:2021:i:4:p:292-317 Template-Type: ReDIF-Article 1.0 Author-Name: Mikael Randrup Byrialsen Author-X-Name-First: Mikael Randrup Author-X-Name-Last: Byrialsen Author-Name: Hamid Raza Author-X-Name-First: Hamid Author-X-Name-Last: Raza Title: Assessing the Macroeconomic Effects of COVID-19 in an Empirical SFC Model for Denmark Abstract: The COVID-19 pandemic has tossed the world into a state of uncertainty, not only from a health point of view but also from an economic perspective. Most countries have adopted a strategy of strict lockdowns, leading to a fall in production and a rise in unemployment. From an economic perspective, this lockdown has erupted in supply-and-demand shocks in the economy. In order to investigate the potential impact of these shocks, we develop a post-Keynesian empirical Stock-Flow Consistent (SFC) model for Denmark. The impact of these shocks is analyzed in three different scenarios. Overall, our simulation results indicate that temporary (1 year) shocks in the economy will lead to a fall in output but a quick recovery, whereas persistent shocks can lead to a full-blown economic crisis. We find that the impact of these shocks can be lowered by public intervention in the form of fiscal stimulus, which can reduce the impact of these shocks and also improve the speed of economic recovery. We also address the economic consequences of financing this stimulus, and whether such a policy response is feasible. Our main conclusion is that fiscal stimulus seems to be an effective and affordable policy option available to Denmark. Journal: International Journal of Political Economy Pages: 318-350 Issue: 4 Volume: 50 Year: 2021 Month: 10 X-DOI: 10.1080/08911916.2021.2001194 File-URL: http://hdl.handle.net/10.1080/08911916.2021.2001194 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:50:y:2021:i:4:p:318-350 Template-Type: ReDIF-Article 1.0 Author-Name: Gabriel Brondino Author-X-Name-First: Gabriel Author-X-Name-Last: Brondino Author-Name: Ariel Dvoskin Author-X-Name-First: Ariel Author-X-Name-Last: Dvoskin Title: An Assessment of Samuelson’s Ricardo-Sraffa Trade Model Abstract: This article assesses Samuelson’s attempt to introduce Sraffa’s framework of “production of commodities by means of commodities†to the neoclassical-Ricardo trade model. We slightly modify Samuelson’s model to consider, on the one hand, more commodities than countries and, on the other hand, a positive rate of interest and full international (finance) capital mobility. In the first case, comparative advantage is unable to predict the direction of trade. In the second case, the principle does not warrant the existence of trade. In conclusion, a closer look at the neoclassical-Ricardian trade model through the lenses of Sraffa casts more doubts than certainties of the comparative advantage theory. Journal: International Journal of Political Economy Pages: 351-368 Issue: 4 Volume: 50 Year: 2021 Month: 10 X-DOI: 10.1080/08911916.2021.2001193 File-URL: http://hdl.handle.net/10.1080/08911916.2021.2001193 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:50:y:2021:i:4:p:351-368 Template-Type: ReDIF-Article 1.0 Author-Name: Marta Vaz Silva Author-X-Name-First: Marta Vaz Author-X-Name-Last: Silva Author-Name: João Carlos Lopes Author-X-Name-First: João Author-X-Name-Last: Carlos Lopes Title: Varieties of Capitalism, Growth Regimes, and Structural Change in Eurozone Core and Peripheral Countries: Germany as a Role Model for Portugal? Abstract: This article aims at analyzing the structural changes that occurred in the Portuguese economy after the 2010/2013 sovereign debt crisis, compared with what occurred in Germany and using the current debate surrounding the new reform of the Eurozone as a backdrop. We thus intend to find out whether a peripheral southern economy like Portugal and the Eurozone’s core economy (Germany) have become closer and, if so, what that means in terms of the sustainability of the Eurozone as a set of different economies sharing the same currency. The study is framed in an institutional political economy approach (Varieties of Capitalism) and a macroeconomic post-Keynesian perspective (demand-led growth regimes), as well as a structural analysis of economic complexity and product specialization of these contrasting economies. Journal: International Journal of Political Economy Pages: 272-291 Issue: 4 Volume: 50 Year: 2021 Month: 10 X-DOI: 10.1080/08911916.2021.2001249 File-URL: http://hdl.handle.net/10.1080/08911916.2021.2001249 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:50:y:2021:i:4:p:272-291 Template-Type: ReDIF-Article 1.0 Author-Name: Wesley C. Marshall Author-X-Name-First: Wesley C. Author-X-Name-Last: Marshall Title: A Friendly Critique of Minsky's Financial Instability Hypothesis Abstract: This article critiques Minsky's Financial Instability Hypothesis, arguing that fraud is a missing element in his theory and the central element in the speculative bubbles that caused “it†to happen twice in the last century in the United States. Journal: International Journal of Political Economy Pages: 257-271 Issue: 4 Volume: 50 Year: 2021 Month: 10 X-DOI: 10.1080/08911916.2021.2001248 File-URL: http://hdl.handle.net/10.1080/08911916.2021.2001248 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:50:y:2021:i:4:p:257-271 Template-Type: ReDIF-Article 1.0 Author-Name: Gabriele De Angelis Author-X-Name-First: Gabriele Author-X-Name-Last: De Angelis Title: A New Role for the European Stability Mechanism in Post-COVID-19 EMU? Explaining the Failure of the Pandemic Crisis Support and Assessing Ways Forward Abstract: Since the establishment of the Pandemic Crisis Support, it has been hypothesized that the European Stability Mechanism might play a new role in stabilizing investments in the European Economic and Monetary Union through a targeted support for the financing of European public goods. The article inquires into the changes in the European Stability Mechanism’s institutional design that could make this possible. It starts by analyzing its lending policy, its accountability structure, and the structure of incentives that underlie negotiations at the Board of Governors. The article then explains the failure of the Pandemic Crisis Support against the background of a neo-institutionalist analysis of the two-level games that develop at intergovernmental fora, and does so through an investigation of the 2020 negotiations that led to the institution of the Pandemic Crisis Support, first, and the The Next Generation EU, later on. Finally, it illustrates which alterations in the institutional design of the European Stability Mechanism could represent a different, and more favorable, structure of incentives for lenders and borrowers. Journal: International Journal of Political Economy Pages: 18-32 Issue: 1 Volume: 51 Year: 2022 Month: 1 X-DOI: 10.1080/08911916.2022.2048551 File-URL: http://hdl.handle.net/10.1080/08911916.2022.2048551 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:51:y:2022:i:1:p:18-32 Template-Type: ReDIF-Article 1.0 Author-Name: Sebastian Dullien Author-X-Name-First: Sebastian Author-X-Name-Last: Dullien Title: Ten Years On, Two Crises Later: Evaluating EMU Institutional Reforms Since 2010 Abstract: The article systematically reviews EMU governance reforms implemented, policy instruments introduced and further institutional reforms currently under discussion with a view of how far they have addressed the institutional shortcomings of the euro-area architecture, which have led to the euro crisis of 2010ff. It further explores how far these reforms have helped to prevent a replay of that crisis when the COVID-19 pandemic hit the euro area. To this end, the article first reviews the academic debate about the causes of the euro crisis that started with the Greek sovereign debt crisis in 2010. In a second step, it evaluates the reforms implemented since the onset of the euro crisis and during the COVID-19 crisis with regard in how far these reforms have addressed or could address the causes of the crisis and gives an outlook on potential forthcoming problems. Journal: International Journal of Political Economy Pages: 5-17 Issue: 1 Volume: 51 Year: 2022 Month: 1 X-DOI: 10.1080/08911916.2022.2046311 File-URL: http://hdl.handle.net/10.1080/08911916.2022.2046311 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:51:y:2022:i:1:p:5-17 Template-Type: ReDIF-Article 1.0 Author-Name: Palma Polyak Author-X-Name-First: Palma Author-X-Name-Last: Polyak Title: Ireland’s Multinationals-Dominated Economy in the Pandemic: Did Big Tech and Big Pharma Save the Day? Abstract: Similar to the Eurozone crisis, Ireland engineered a more successful bounce back from the COVID-19 shock than crisis-hit peers. This article argues that the Irish path is less of a product of a generalizable export-led growth strategy, but, rather, can be explained by a set of idiosyncratic features. Using a wide array of macroeconomic indicators, the analysis assesses the opportunities and risks associated with Ireland's distinct path. It shows how strong ties to the United States, and emergence as the European hub for the world’s fastest growing firms sets Ireland apart from European peers. The US is a reliable “spender of last resort,†countercyclically spending and borrowing, boosting growth prospects of trading partners. Irish sectoral specialization in pharmaceutical manufacturing and digital services was also a boon in this crisis. The pandemic created opportunities for health-related industries; reliance on digital technologies helped digital firms. The article also finds, however, that banking on tech and pharma giants has significant limitations. First, multinationals’ accounting tricks artificially inflate economic statistics, and these two sectors are most affected. Second, to the extent that there is job-sustaining activity, it is not straightforward how the success of these sectors is transmitted to the rest of the economy. In the aftermath of the Eurozone crisis, the hospitality industry played a significant role as a “‘transmission belt,†receiving spillovers from the high value-added export sector. Since lockdowns hit hospitality the most, the social insurance function of fiscal policy is of paramount importance to ensure a more broad-based recovery. Journal: International Journal of Political Economy Pages: 65-76 Issue: 1 Volume: 51 Year: 2022 Month: 1 X-DOI: 10.1080/08911916.2022.2046347 File-URL: http://hdl.handle.net/10.1080/08911916.2022.2046347 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:51:y:2022:i:1:p:65-76 Template-Type: ReDIF-Article 1.0 Author-Name: Mario Seccareccia Author-X-Name-First: Mario Author-X-Name-Last: Seccareccia Title: Editor’s Note: Alain Parguez in Memoriam (1940–2022) Journal: International Journal of Political Economy Pages: 1-1 Issue: 1 Volume: 51 Year: 2022 Month: 1 X-DOI: 10.1080/08911916.2022.2068229 File-URL: http://hdl.handle.net/10.1080/08911916.2022.2068229 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:51:y:2022:i:1:p:1-1 Template-Type: ReDIF-Article 1.0 Author-Name: Diogo Martins Author-X-Name-First: Diogo Author-X-Name-Last: Martins Author-Name: Ricardo Paes Mamede Author-X-Name-First: Ricardo Paes Author-X-Name-Last: Mamede Title: Alternative Views on Portuguese Stagnation: From the Euro’s Inception to the COVID-19 Pandemic Abstract: Over the past two decades, real GDP per capita in Portugal has nearly stagnated. The conventional account attributes this to the mismanagement of public finances and the lack of structural reforms in labor and product markets prior to the “adjustment program†agreed with the troika in the early 2010s. In the same vein, the neoclassical-inspired interpretation explains the subsequent recovery based on supply-side and fiscal reforms implemented during the troika years, which would account for the reduced fiscal deficits, external equilibrium and employment growth registered in the pre-COVID-19 period. In this article, we challenge this optimistic view, identifying structural weaknesses of the Portuguese economy that would have soon become apparent even if the pandemic had not happened. Addressing these weaknesses requires changes that go beyond the EU and national responses to the pandemic crisis. Journal: International Journal of Political Economy Pages: 49-64 Issue: 1 Volume: 51 Year: 2022 Month: 1 X-DOI: 10.1080/08911916.2022.2046345 File-URL: http://hdl.handle.net/10.1080/08911916.2022.2046345 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:51:y:2022:i:1:p:49-64 Template-Type: ReDIF-Article 1.0 Author-Name: Gabriele De Angelis Author-X-Name-First: Gabriele Author-X-Name-Last: De Angelis Title: COVID-19 Challenges to the European Economic and Monetary Union: Institutional Responses, Growth Strategies, and Future Prospects in a Changing Macroeconomic Environment—Introduction Journal: International Journal of Political Economy Pages: 2-4 Issue: 1 Volume: 51 Year: 2022 Month: 1 X-DOI: 10.1080/08911916.2022.2048552 File-URL: http://hdl.handle.net/10.1080/08911916.2022.2048552 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:51:y:2022:i:1:p:2-4 Template-Type: ReDIF-Article 1.0 Author-Name: Pedro M. Rey-Araújo Author-X-Name-First: Pedro M. Author-X-Name-Last: Rey-Araújo Author-Name: Luis Buendia Author-X-Name-First: Luis Author-X-Name-Last: Buendia Title: The Long-Term Vulnerabilities of Spanish Capitalism in Light of the COVID-19 Pandemic: A Political Economy Approach Abstract: This article explores the evolution of Spain’s capitalism during the last decades in order to unveil the factors underlying the harshness with which the COVID-19 pandemic has impacted Spain. We present a twofold thesis. On the one hand, we argue that Spanish capitalism has harbored certain internal vulnerabilities, relative to its productive specialization, its labor market, its welfare institutions, and indebtedness levels, which successive boom and busts have reproduced and ultimately exacerbated. On the other hand, we contend that these various vulnerabilities have abruptly come to the fore with the irruption of the COVID-19 pandemic, thus accounting for its singularly dramatic consequences. In order to substantiate our hypotheses, we provide a political economy analysis of the recent trajectory of Spanish capitalism. The economic boom initiated in the 1990s developed various vulnerabilities, which the years following the onset of the Great Recession did not attenuate and to which various others were added during the last expansion phase, all coming to the fore with the sudden outbreak of the COVID-19 pandemic. Journal: International Journal of Political Economy Pages: 33-48 Issue: 1 Volume: 51 Year: 2022 Month: 1 X-DOI: 10.1080/08911916.2022.2046350 File-URL: http://hdl.handle.net/10.1080/08911916.2022.2046350 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:51:y:2022:i:1:p:33-48 Template-Type: ReDIF-Article 1.0 Author-Name: Ãœmit Akcay Author-X-Name-First: Ãœmit Author-X-Name-Last: Akcay Author-Name: Eckhard Hein Author-X-Name-First: Eckhard Author-X-Name-Last: Hein Author-Name: Benjamin Jungmann Author-X-Name-First: Benjamin Author-X-Name-Last: Jungmann Title: Financialisation and Macroeconomic Regimes in Emerging Capitalist Countries Before and After the Great Recession Abstract: In recent years, diverging demand and growth regimes received greater scholarly attention. Particularly, the intersection between variants of Comparative Political Economy and the post-Keynesian macroeconomic analysis provides a promising avenue for understanding the main dynamics of various growth regimes. Yet, the majority of these studies focused on the global North. We expand this analysis to the global South by examining eight large emerging capitalist economies (ECEs), Argentina, Brazil, China, India, Mexico, Russia, South Africa, and Turkey, during the periods 2000–2008 and 2009–2019. In so doing, we not only uncover the main demand and growth regimes of ECEs for the two periods but also link them to the main trends in the demand and growth regimes of developed capitalist economies (DCEs) for both periods. One main finding of our research is that ECEs did not follow the same path as DCEs after the Great Recession. While there was a clear shift in the demand and growth regimes of DCEs toward export orientation, the main pattern in the ECEs remained as the continuation of a trend that already emerged before the 2007–09 crisis, i.e., domestic demand-led regimes associated with considerable financial deficits of domestic private and/or public sectors. Finally, we provide some observations on the puzzle of resilient domestic demand-led regimes in ECEs. Journal: International Journal of Political Economy Pages: 77-100 Issue: 2 Volume: 51 Year: 2022 Month: 4 X-DOI: 10.1080/08911916.2022.2078009 File-URL: http://hdl.handle.net/10.1080/08911916.2022.2078009 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:51:y:2022:i:2:p:77-100 Template-Type: ReDIF-Article 1.0 Author-Name: Mohammad Muaz Jalil Author-X-Name-First: Mohammad Author-X-Name-Last: Muaz Jalil Title: Colonial Roots of Modern Development Discourse Abstract: The paper is structured around a thesis that the historical and colonial roots of modern development shape contemporary development themes and discourses, and that these in turn influence the metrics and indicators used to measure development. The article looks into how colonial relations shape contemporary development themes; the historical evolution of the key themes and measurements of development; finally, how various important “developers,†particularly multilateral and bilateral development agencies, use their epistemic privilege to influence the metrics or indicators that we use to measure development, with particular emphasis on the measures of poverty and inequality. The paper uses a historically grounded narrative structure in demonstrating how colonial legacies have continued to influence development discourse and the related metrics and indicators used in development theory and practice. Finally, the author identifies future avenues of research, particularly how metrics or measures might correspondingly shape emerging development themes and discourses. Journal: International Journal of Political Economy Pages: 137-150 Issue: 2 Volume: 51 Year: 2022 Month: 4 X-DOI: 10.1080/08911916.2022.2072313 File-URL: http://hdl.handle.net/10.1080/08911916.2022.2072313 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:51:y:2022:i:2:p:137-150 Template-Type: ReDIF-Article 1.0 Author-Name: Riccardo Zolea Author-X-Name-First: Riccardo Author-X-Name-Last: Zolea Title: A History of the Relationship Between Interest Rate and Profit Rate in Heterodox Approaches Abstract: This article seeks to understand, compare, discuss and systematize the theories on the causal relationship between the rate of interest and the rate of profit, as proposed by various authors, while highlighting their similarities and differences. One group of authors asserts that the rate of interest determines the rate of profit, and thus the distribution of income, while a second argues that once the distribution is determined, it is the rate of profit that governs the rate of interest. This attempt to analyze and systematize the main approaches forms a significant first step in understanding contemporary finance. Journal: International Journal of Political Economy Pages: 121-136 Issue: 2 Volume: 51 Year: 2022 Month: 4 X-DOI: 10.1080/08911916.2022.2072386 File-URL: http://hdl.handle.net/10.1080/08911916.2022.2072386 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:51:y:2022:i:2:p:121-136 Template-Type: ReDIF-Article 1.0 Author-Name: Emir J. Phillips Author-X-Name-First: Emir J. Author-X-Name-Last: Phillips Title: Have We Adequately Accommodated the Non-linear Systemic-Risk of Bankruptcy-Remote Securitization within Shadow Banking? Abstract: Securitization to attain bankruptcy remoteness separates the risks of the originator bank from the income-producing asset by structuring the asset sale between the Special Purpose Vehicle and the transferor as a “true sale†as opposed to that of financing an asset transfer. Should the transferor subsequently file for bankruptcy, the transferred assets will be exempted from the transferor’s bankruptcy estate, and the investors’ secured assets in the SPV are not at risk of loss. Once commercial banks no longer bear the risk of these bankruptcy-remote securitized loans, creeping deterioration in bank lending standards occurred/are occurring via weaker screening, lower denial rates, and misreporting of credit quality. When this type of structured finance became institutionally pervasive, what may have reduced risk at the micro-level quietly engenders non-linear systemic risk. In remedy to this, the Dodd-Frank Wall Street Reform is at best an incomplete international vision. Regulators must make-up for its inadequacies by increasing capital adequacy requirements which ensure banks operate in a prudential manner. Profit-maximization (shareholders) and capital adequacy (Society) must err on the side of capital adequacy given the public-private hybrid nature of money that is backstopped by the private-public Federal Reserve. Journal: International Journal of Political Economy Pages: 101-120 Issue: 2 Volume: 51 Year: 2022 Month: 4 X-DOI: 10.1080/08911916.2022.2073663 File-URL: http://hdl.handle.net/10.1080/08911916.2022.2073663 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:51:y:2022:i:2:p:101-120 Template-Type: ReDIF-Article 1.0 Author-Name: Léo Vigny Author-X-Name-First: Léo Author-X-Name-Last: Vigny Title: The Greek Sovereign Crisis: A Post-Keynesian Synthesis Abstract: The Greek crisis shocked many by its magnitude and by the nature of the policies implemented in its aftermath. The radical nature of the so-called Memorandum of Understanding was justified by the imbalances that the Greek economy experienced before the crisis. The current account deficit had been rising, as private and external debts. In addition, the ratio of public debt to GDP exceeded 100%. The crisis has been widely explained by a lack of fiscal discipline, a loss of competitiveness, and the rise of capital inflows. In this article, we seek to refute these narratives and offer a post-Keynesian interpretation of the Greek economic trajectory. Growing private indebtedness boosted imports. The resulting current account deficits were offset by rising capital inflows. Greece’s high level of public debt goes back to the 1980s. The narrow tax base of the country and usurious interest rates are to blame. However, none of these trends was sufficient to trigger the sovereign debt crisis. We argue that the main cause of the Greek crisis lies in the political economy of the Eurozone, and more particularly in its asymmetric governance. Journal: International Journal of Political Economy Pages: 151-169 Issue: 2 Volume: 51 Year: 2022 Month: 4 X-DOI: 10.1080/08911916.2022.2086727 File-URL: http://hdl.handle.net/10.1080/08911916.2022.2086727 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:51:y:2022:i:2:p:151-169 Template-Type: ReDIF-Article 1.0 # input file: MIJP_A_2146387_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Domenica Tropeano Author-X-Name-First: Domenica Author-X-Name-Last: Tropeano Title: The Interplay of Macro-Prudential Regulation and Microeconomic Financial Regulation in the European Union in 2011–2014 Abstract: Though macro-prudential policy is usually aimed at mitigating financial instability, in the European Union it mainly consisted of a discretionary use of old policy tools, such as micro prudential measures, which might have worsened an ongoing financial crisis. Two episodes will be examined: the 2011 special recapitalization of banks and the 2014 Asset Quality Review and stress tests. The metric for the EBA 2011 recapitalization was the ratio of capital to risk-weighted assets. In this exercise, unlike Basel II and III prescriptions, all government bonds had to be accounted for at their current valuation. This feature has not yet been included in any piece of EU legislation and was therefore highly discretionary. Given the falling prices of some European countries’ government bonds, peripheral countries’ banks were in need of more capital. Therefore, they may have reduced credit, especially to SME, or worsened credit conditions. The 2014 stress tests examined the solvency of banks with the same metric and parameters taken from a macroeconomic scenario that was a remake of the 2007–2008 financial crisis. This contrasted with the macroeconomic reality of the time in which a restrictive fiscal policy was affecting firms’ cash flows and hitting, in particular, peripheral countries. Journal: International Journal of Political Economy Pages: 229-245 Issue: 3 Volume: 51 Year: 2022 Month: 7 X-DOI: 10.1080/08911916.2022.2146387 File-URL: http://hdl.handle.net/10.1080/08911916.2022.2146387 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:51:y:2022:i:3:p:229-245 Template-Type: ReDIF-Article 1.0 # input file: MIJP_A_2145042_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Devika Dutt Author-X-Name-First: Devika Author-X-Name-Last: Dutt Author-Name: Kevin P. Gallagher Author-X-Name-First: Kevin P. Author-X-Name-Last: Gallagher Title: The Fiscal Impacts of Trade and Investment Treaties Abstract: This article examines the extent to which the latest wave of trade and investment treaties has impacted the fiscal stability of the world’s nations. We construct two new measures of trade liberalization based on the importance of a country in the global network of trade and investment treaties, namely the number of trade treaty links and the hub connectedness of a country. This analysis is important since many analyses of the welfare impacts of trade liberalization typically do not consider the impact on the fiscal balances of governments or assume that any loss of tariff revenue would be made up by the imposition of indirect taxes, like a Value Added Tax. Using a cross-country regression analysis, we confirm that trade liberalization has, on average, reduced the amount of tariff revenue collected. Furthermore, trade liberalization is not correlated with an automatic compensation for lost tariff revenue through other taxation measures. We find, in some cases, that trade and investment treaties are correlated with a reduction in total fiscal revenues and an increase in government debt. These results suggest that policymakers need to take the fiscal impacts of trade and investment liberalization into account when making decisions about trade and investment policy. Journal: International Journal of Political Economy Pages: 176-207 Issue: 3 Volume: 51 Year: 2022 Month: 7 X-DOI: 10.1080/08911916.2022.2145042 File-URL: http://hdl.handle.net/10.1080/08911916.2022.2145042 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:51:y:2022:i:3:p:176-207 Template-Type: ReDIF-Article 1.0 # input file: MIJP_A_2158645_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: K. Vela Velupillai Author-X-Name-First: K. Vela Author-X-Name-Last: Velupillai Title: Lance Jerome Taylor Journal: International Journal of Political Economy Pages: 172-173 Issue: 3 Volume: 51 Year: 2022 Month: 7 X-DOI: 10.1080/08911916.2022.2158645 File-URL: http://hdl.handle.net/10.1080/08911916.2022.2158645 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:51:y:2022:i:3:p:172-173 Template-Type: ReDIF-Article 1.0 # input file: MIJP_A_2146388_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Carlos Aguiar de Medeiros Author-X-Name-First: Carlos Aguiar de Author-X-Name-Last: Medeiros Author-Name: Esther Majerowicz Author-X-Name-First: Esther Author-X-Name-Last: Majerowicz Title: Developmentalism With Chinese Characteristics Abstract: In the last 40 years, “developmentalism with Chinese characteristics†has creatively combined the main dimensions that in the postwar era spurred the industrialization process in East Asia, where the State, through planning and control mechanisms, governed the markets, leading economic growth, and the process of structural change. The main characteristic that distinguishes the Chinese experience is the structure of its political power formed by a party-state that has great political autonomy and strong penetration in economic power. This power structure helped China to persevere its state-led national development strategy at a time when most national economies adhered to global neoliberalism, giving up such coordination in favor of an accumulation regime led by private corporations. Journal: International Journal of Political Economy Pages: 208-228 Issue: 3 Volume: 51 Year: 2022 Month: 7 X-DOI: 10.1080/08911916.2022.2146388 File-URL: http://hdl.handle.net/10.1080/08911916.2022.2146388 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:51:y:2022:i:3:p:208-228 Template-Type: ReDIF-Article 1.0 # input file: MIJP_A_2158643_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Ozlem Omer Author-X-Name-First: Ozlem Author-X-Name-Last: Omer Title: In memory of Lance Taylor Journal: International Journal of Political Economy Pages: 174-175 Issue: 3 Volume: 51 Year: 2022 Month: 7 X-DOI: 10.1080/08911916.2022.2158643 File-URL: http://hdl.handle.net/10.1080/08911916.2022.2158643 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:51:y:2022:i:3:p:174-175 Template-Type: ReDIF-Article 1.0 # input file: MIJP_A_2145675_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Giorgio Colacchio Author-X-Name-First: Giorgio Author-X-Name-Last: Colacchio Author-Name: Guglielmo Forges Davanzati Author-X-Name-First: Guglielmo Author-X-Name-Last: Forges Davanzati Title: Wage Moderation, Regional Imbalances in Europe and the Recovery and Resilience Plan Abstract: The RRP (Italian National Plan for Recovery and Resilience) is the plan for Italian economic policy in the context of the European Next Generation EU (NGEU) and is structured in the form of investments designed to achieve the goals of growth and resilience. The aim of this article is to provide an analysis of this Plan, for the purpose of studying its adequacy in reducing imbalances both among European countries and within Italy, as well as in reducing unemployment. Journal: International Journal of Political Economy Pages: 265-288 Issue: 3 Volume: 51 Year: 2022 Month: 7 X-DOI: 10.1080/08911916.2022.2145675 File-URL: http://hdl.handle.net/10.1080/08911916.2022.2145675 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:51:y:2022:i:3:p:265-288 Template-Type: ReDIF-Article 1.0 # input file: MIJP_A_2158641_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Mario Seccareccia Author-X-Name-First: Mario Author-X-Name-Last: Seccareccia Title: Lance Taylor in Memoriam: Editor’s Note Journal: International Journal of Political Economy Pages: 171-171 Issue: 3 Volume: 51 Year: 2022 Month: 7 X-DOI: 10.1080/08911916.2022.2158641 File-URL: http://hdl.handle.net/10.1080/08911916.2022.2158641 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:51:y:2022:i:3:p:171-171 Template-Type: ReDIF-Article 1.0 # input file: MIJP_A_2145676_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Nina Eichacker Author-X-Name-First: Nina Author-X-Name-Last: Eichacker Title: Financialization, Structural Power, and the Global Financial Crisis for Europe’s Core and Periphery Abstract: In the aftermath of the Global Financial Crisis (GFC), European governments intervened to support domestic financial systems; several years later, peripheral European economies were at greater risk of having domestic financial crises transform into fiscal crises. While mainstream economic thinking predicts financial markets will punish risky bank behavior with higher interest rates and punitive resolution measures, in fact, banks in core European economies, which engaged in riskier activity in the subprime mortgage market, faced preferential treatment in the aftermath of the GFC. This article argues that financialization, the increased structural economic power of financial institutions, increased the structural power of core members of the Eurozone to direct supranational policies after the GFC. It supports these claims with financial data from balance sheets for a sample of EU economies, as well as institutional analysis of the financial aspects of European integration, and the financial, monetary, and fiscal responses that followed the onset of the GFC. While banks in the Eurozone core were more likely to have engaged in risky behavior, they were more likely to receive liquidity assistance from monetary authorities like the Federal Reserve due to their activity in the US. As Eurozone governments consider how to respond to crises, such as the Covid-19 pandemic going forward, policies that more equitably support governments rescuing domestic financial actors should be considered in tandem with broader financial regulations of structurally important economic institutions. Journal: International Journal of Political Economy Pages: 246-264 Issue: 3 Volume: 51 Year: 2022 Month: 7 X-DOI: 10.1080/08911916.2022.2145676 File-URL: http://hdl.handle.net/10.1080/08911916.2022.2145676 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:51:y:2022:i:3:p:246-264 Template-Type: ReDIF-Article 1.0 # input file: MIJP_A_2137354_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Wesley C. Marshall Author-X-Name-First: Wesley C. Author-X-Name-Last: Marshall Author-Name: Mario Seccareccia Author-X-Name-First: Mario Author-X-Name-Last: Seccareccia Title: Global Financial Markets, Central Bank Policy, and the Struggle for Full Employment: Celebrating Eugenia Correa’s Achievements in Political Economy – an Introductory Note Abstract: In this introductory piece, the authors reminisce on the role played by the late Eugenia Correa in both Mexico and internationally in developing a counter-hegemonic economic thought that matured in her writings and that was sown in the thinking of a whole generation of students over the last three decades. Journal: International Journal of Political Economy Pages: 289-291 Issue: 4 Volume: 51 Year: 2022 Month: 10 X-DOI: 10.1080/08911916.2022.2137354 File-URL: http://hdl.handle.net/10.1080/08911916.2022.2137354 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:51:y:2022:i:4:p:289-291 Template-Type: ReDIF-Article 1.0 # input file: MIJP_A_2139715_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Ilene Grabel Author-X-Name-First: Ilene Author-X-Name-Last: Grabel Title: Global Financial Governance and Progressive Feminist Agendas Abstract: Feminists and other progressives have long argued that global macroeconomic governance is deeply deficient. The deficiencies have been revealed and amplified by the COVID-19 crisis. The need to radically reconstruct the global economic governance architecture is therefore pressing. Albert Hirschman’s conception of “possibilism†is particularly relevant for navigating these challenges. In the spirit of Hirschmanian possibilism, I make a case for what I refer to as “enabling global financial governance.†I use this term to refer to reforms of global financial governance that could provide a supporting environment for feminist and other progressive plans for sustainability and social justice. I advance the provocative claim that feminists and other social justice advocates should embrace what I term “permissive multilateralisms†rather than “harmonized multilateralism.†I also highlight a number of directions for global financial governance reform that could provide policy space for progressive initiatives, including those advanced by feminists. I offer this paper as a small way of honoring my friend, Eugenia Correa, whose intellectual legacy and commitment to engaged scholarship has influenced me profoundly. Journal: International Journal of Political Economy Pages: 331-345 Issue: 4 Volume: 51 Year: 2022 Month: 10 X-DOI: 10.1080/08911916.2022.2139715 File-URL: http://hdl.handle.net/10.1080/08911916.2022.2139715 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:51:y:2022:i:4:p:331-345 Template-Type: ReDIF-Article 1.0 # input file: MIJP_A_2139703_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: James K. Galbraith Author-X-Name-First: James K. Author-X-Name-Last: Galbraith Title: The Dollar System in a Multi-Polar World Abstract: The multipolar financial world is here. The architects are not Russia or China, but the hapless strategic leadership of the United States, informed by mainstream economics. The United States can survive it—whereas Europe may not—but only with major political and economic changes at home. These include definancialization and demilitarization, but first and foremost, a willingness to realize that the world has changed and that global hegemony based on neoliberal principles has failed. Journal: International Journal of Political Economy Pages: 321-330 Issue: 4 Volume: 51 Year: 2022 Month: 10 X-DOI: 10.1080/08911916.2022.2139703 File-URL: http://hdl.handle.net/10.1080/08911916.2022.2139703 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:51:y:2022:i:4:p:321-330 Template-Type: ReDIF-Article 1.0 # input file: MIJP_A_2129467_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Kari Polanyi Levitt Author-X-Name-First: Kari Author-X-Name-Last: Polanyi Levitt Author-Name: Mario Seccareccia Author-X-Name-First: Mario Author-X-Name-Last: Seccareccia Title: The Polanyi Moment, Decommodification of Labor and the Struggle for Full Employment: How the COVID-19 Crisis has Opened the Debate Over the Nature of the Fictitious Labor Market in Both the Industrialized and Developing World Abstract: The purpose of this article is first to discuss how the so-called fictitious labor market has been analyzed historically, by studying the classical, Marxian, and Lewis dual sectors and then by pointing to the current distinction between formal and informal sectors with the consequences of the phenomenon of informality on measured unemployment. We consider the recent 21st Century experience during the Great Financial Crisis and the current COVID-19 crisis, which, we believe, opens the door to how Karl Polanyi’s vision can offer alternative policy perspectives. This is of crucial significance for those of us who wish to prevent a return to neoliberal policies during the future post-pandemic period, particularly in the emerging and developing countries, where the highest incidence of employment informality prevails. Journal: International Journal of Political Economy Pages: 292-306 Issue: 4 Volume: 51 Year: 2022 Month: 10 X-DOI: 10.1080/08911916.2022.2129467 File-URL: http://hdl.handle.net/10.1080/08911916.2022.2129467 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:51:y:2022:i:4:p:292-306 Template-Type: ReDIF-Article 1.0 # input file: MIJP_A_2137352_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Wesley C. Marshall Author-X-Name-First: Wesley C. Author-X-Name-Last: Marshall Author-Name: Louis-Philippe Rochon Author-X-Name-First: Louis-Philippe Author-X-Name-Last: Rochon Title: Understanding Central Bank Independence Abstract: This article asks a simple question that does not have a simple answer: whose interests do independent central banks serve? Employing a Polanyian lens, we explore the many facets of independent central banks, including their history, their institutional nature and functions, and the academic debate surrounding them, in order to reach several conclusions that can hopefully continue to expand the debate regarding the issue. Journal: International Journal of Political Economy Pages: 346-373 Issue: 4 Volume: 51 Year: 2022 Month: 10 X-DOI: 10.1080/08911916.2022.2137352 File-URL: http://hdl.handle.net/10.1080/08911916.2022.2137352 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:51:y:2022:i:4:p:346-373 Template-Type: ReDIF-Article 1.0 # input file: MIJP_A_2139722_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Gregorio Vidal Author-X-Name-First: Gregorio Author-X-Name-Last: Vidal Title: Global Financial Markets, Predominance of Monetary Policy and the Deepening of Financialization Abstract: This article analyzes the evolution of financialization at a global level and the corporate and public policies employed over the past decades that have guided its advance. More specifically, this article focuses on the evolution of productive investment in the era of financialization, and in recent years in particular. As will be argued, the predominance of monetary policy as the public policy of choice in recent decades has greatly reduced the capacity of the State to lead economies on a path of development. Journal: International Journal of Political Economy Pages: 307-320 Issue: 4 Volume: 51 Year: 2022 Month: 10 X-DOI: 10.1080/08911916.2022.2139722 File-URL: http://hdl.handle.net/10.1080/08911916.2022.2139722 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:51:y:2022:i:4:p:307-320 Template-Type: ReDIF-Article 1.0 # input file: MIJP_A_2187558_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Monica Hernandez Author-X-Name-First: Monica Author-X-Name-Last: Hernandez Title: An Unintended Consequence of Uncoordinated International Monetary Policy on Central America Abstract: This research explores causes and implications of the foreign indebtedness of Central American countries in the 2010s, that is, during what has been defined the second phase of global liquidity, marked by the quantitative easing (QE) of central banks in developed economies. Looking at their balance of payments and their contemporary sources of funding, we find that the international bond market became an important source of debt for Central American economies during that decade. We also find that non-financial corporations’ foreign bond issuance has been increasing in some of the countries under study, even though less than in larger emerging economies. Classifying these countries’ international debt securities by residence and nationality of the issuer, we identify another peculiarity with important implications about financial fragility. In fact, as opposed to what occurred to larger emerging economies, the general governments issuing foreign bonds has been a more relevant source of risk than the issuance by financial and non-financial corporations. Journal: International Journal of Political Economy Pages: 88-103 Issue: 1 Volume: 52 Year: 2023 Month: 1 X-DOI: 10.1080/08911916.2023.2187558 File-URL: http://hdl.handle.net/10.1080/08911916.2023.2187558 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:52:y:2023:i:1:p:88-103 Template-Type: ReDIF-Article 1.0 # input file: MIJP_A_2186054_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Patrick Kaczmarczyk Author-X-Name-First: Patrick Author-X-Name-Last: Kaczmarczyk Title: Foreign Direct Investment in Neoclassical Theory of International Trade: A Conceptual Weak Spot Abstract: This article analyses the role of foreign direct investment (FDI) in neoclassical theory of trade with a focus on the relocation of production into low wage countries. The conceptual analysis shows that FDI not only constitutes a weak spot in comparative advantage theory, but also that the latter is incompatible with efficiency-seeking FDI—with significant implications for policy. In Ricardian and Heckscher-Ohlin models of trade, FDI is ruled out via the assumption of factor immobility. In models in which factor immobility is relaxed, the closest FDI comes to is a generic reference to capital imports and exports, which affect factor endowments and, therefore, comparative advantage. Due to the assumption that input factors are determined by wage-rental ratios, this leads to the condition that firms operating in advanced economies must produce more labor-intensively, if investing in facilities in low-wage countries. Efficiency and market-seeking FDI, which combines productive, capital-intensive modes of production with cheap labor to exploit unit labor cost differentials, is a theoretical and mathematical impossibility in this framework. This conceptual weakness questions the validity of conventional approaches to development policy, which largely rely on market liberalization and free capital mobility. Journal: International Journal of Political Economy Pages: 70-87 Issue: 1 Volume: 52 Year: 2023 Month: 1 X-DOI: 10.1080/08911916.2023.2186054 File-URL: http://hdl.handle.net/10.1080/08911916.2023.2186054 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:52:y:2023:i:1:p:70-87 Template-Type: ReDIF-Article 1.0 # input file: MIJP_A_2186057_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Sikanyiso Masuku Author-X-Name-First: Sikanyiso Author-X-Name-Last: Masuku Title: A Tale of a Rentier Social Contract and Diminishing Economic Rents: Multinationalism and Resource-Seeking Capital in Contemporary Africa Abstract: The invisible hand of private global enterprises in the political and economic landscape of Africa’s rentier states best exemplifies the extent to which Multinational Corporations (MNCs) now personify the variant/competing strategic resource-seeking interests of two fronts, i.e., (i) the emerging economy MNCs [BRICS nations, with China and Russia in particular] and (ii) the EU (European Union) and North American states. We have also seen from these fronts, a growing prioritization of economic/political hegemonies over mutually-beneficial bilateral relationships that ensure shared economic development and stability (with respect to ideals, such as good governance, human rights, and democracy) in the Global South. Inadvertently, this has emboldened the proliferation of oligarchs and shadow states whose resilience is contingent upon the existence of autocratic infrastructure, inequality, and a shrinking democratic space. In rentier states, such as the Democratic Republic of Congo (DRC), positive spillovers (in both development and economic terms) have been dwindling—notwithstanding the ubiquity of private global enterprises therein. Using the Rentier State theory and the Agency thesis, the article explores the operations of MNCs in Africa. Through a content analysis of literature on global capital, institutions, and the role of multinationals in resource rich states, the article focuses on the DRC to highlight what we know and do not know on the negative side of globalization. Some of the negative outcomes of the unregulated power of private global enterprises (as discussed in the article) include their involvement in electoral process interferences, authoritarian collaborations, the establishment of oligopolies, shadow states, etc., to the detriment of equitable development (within rentier states), and a salience of inequities within the global natural resource trade. Journal: International Journal of Political Economy Pages: 104-116 Issue: 1 Volume: 52 Year: 2023 Month: 1 X-DOI: 10.1080/08911916.2023.2186057 File-URL: http://hdl.handle.net/10.1080/08911916.2023.2186057 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:52:y:2023:i:1:p:104-116 Template-Type: ReDIF-Article 1.0 # input file: MIJP_A_2189864_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Fabrizio Antenucci Author-X-Name-First: Fabrizio Author-X-Name-Last: Antenucci Author-Name: Walter Paternesi Meloni Author-X-Name-First: Walter Author-X-Name-Last: Paternesi Meloni Author-Name: Pasquale Tridico Author-X-Name-First: Pasquale Author-X-Name-Last: Tridico Title: Poles Apart? Alternative Welfare Trajectories under Finance-Dominated Capitalism Abstract: By connecting the post-Keynesian view of financialization with Comparative Political Economy, we suggest some elements for an updated interpretation of the existing models of welfare. As a main element of novelty, we consider how high-income countries are reacting to the pressures of finance-dominated capitalism, namely by extending, keeping, or retrenching their welfare systems. The contribution of the article is threefold. First, we elaborate on the nexus between welfare and financialization. Second, we introduce a multidimensional index aimed at assessing the degree of welfare of 32 OECD countries for the period 1990–2015. Third, we compare our index with the socio-economic models identified in the literature and with the patterns of financialization. Two trajectories emerge from our exploration: on the one side, Scandinavian and Continental European countries moved toward relatively higher levels of welfare; on the other side, lower levels of welfare feature Anglo-Saxon, Asian, Mediterranean, and Central and Eastern European countries. Besides such divergence, we find that the process of financialization was more intense in countries with stronger welfare, which likely opted for a compensation strategy. Our work highlights the relevance of policies and institutions in shaping different welfare systems and coping with the challenges of the current phase of capitalism. Journal: International Journal of Political Economy Pages: 45-69 Issue: 1 Volume: 52 Year: 2023 Month: 1 X-DOI: 10.1080/08911916.2023.2189864 File-URL: http://hdl.handle.net/10.1080/08911916.2023.2189864 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:52:y:2023:i:1:p:45-69 Template-Type: ReDIF-Article 1.0 # input file: MIJP_A_2191421_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Thomas Ferguson Author-X-Name-First: Thomas Author-X-Name-Last: Ferguson Author-Name: Servaas Storm Author-X-Name-First: Servaas Author-X-Name-Last: Storm Title: Myth and Reality in the Great Inflation Debate: Supply Shocks and Wealth Effects in a Multipolar World Economy Abstract: This article critically evaluates debates over the causes of U.S. inflation. We first show that claims that the Biden stimulus was the major cause of inflation are mistaken: the key data series—stimulus spending and inflation—move dramatically out of phase. While the first ebbs quickly, the second persistently surges. We then look at alternative explanations for the price rises. We assess four supply-side factors: imports, energy prices, rises in corporate profit margins, and COVID. We argue that discussions of COVID’s impact have thus far only tangentially acknowledged the pandemic’s far-reaching effects on labor markets. We conclude that while all four factors played roles in bringing on and sustaining inflation, they cannot explain all of it. There is an aggregate demand problem. But the surprise surge in demand did not arise from government spending. It came from the unprecedented gains in household wealth, particularly for the richest 10% of households, which we show powered the recovery of aggregate US consumption expenditure, especially from July 2021. The final cause of the inflationary surge in the U.S., therefore, was in large measure the unequal (wealth) effects of ultra-loose monetary policy during 2020–2021. This conclusion is important because supply-side (and thus potentially inflationary) pressures are unlikely to subside soon. Going forward, COVID, war, climate change, and the drift to a belligerently multipolar world system are all likely to keep straining global supply chains. Our conclusion outlines how policy has to change to deal with a world of steady, but irregular supply shocks, including Covid’s continuing impact on labor markets. By their nature, such shocks create problems that monetary policy can cope with only at an enormous cost; they require targeted solutions. But when supply plummets or becomes more variable, fiscal policy also has to adapt: existing explorations of ways to steady demand over the business cycle have to embrace much bolder macroeconomic measures to control over-spending when supply is temporarily constrained. Journal: International Journal of Political Economy Pages: 1-44 Issue: 1 Volume: 52 Year: 2023 Month: 1 X-DOI: 10.1080/08911916.2023.2191421 File-URL: http://hdl.handle.net/10.1080/08911916.2023.2191421 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:52:y:2023:i:1:p:1-44 Template-Type: ReDIF-Article 1.0 # input file: MIJP_A_2237733_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: José Miguel Ahumada Author-X-Name-First: José Miguel Author-X-Name-Last: Ahumada Title: Rentierism, Capitalist Competition and Neoliberalism: Toward a Veblenian Synthesis Abstract: The aim of this article is to analyze theoretically the relationship between rents and capitalist competition. The central hypothesis is that the production of rents is a process endogenous to capitalist competition and expands itself throughout various dimensions of economic life. To this end, the different conceptions of rents (classical, neoclassical and Schumpeterian) will be reviewed, and an institutionalist perspective on rents as income from institutionally-created scarce assets will be presented. To make this point, the case of the TRIPS agreement in the WTO will be analyzed as an example of the relationship between capitalist markets and institutional creation of scarcity from which patent rents emerge. Finally, this view of rents will be used to provide a theoretical analysis of how neoliberalism endogenously deepens current rents and creates new ones. Journal: International Journal of Political Economy Pages: 197-212 Issue: 2 Volume: 52 Year: 2023 Month: 4 X-DOI: 10.1080/08911916.2023.2237733 File-URL: http://hdl.handle.net/10.1080/08911916.2023.2237733 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:52:y:2023:i:2:p:197-212 Template-Type: ReDIF-Article 1.0 # input file: MIJP_A_2230030_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Leandro Monteiro Author-X-Name-First: Leandro Author-X-Name-Last: Monteiro Author-Name: Carmem Feijó Author-X-Name-First: Carmem Author-X-Name-Last: Feijó Title: External Balance and Financialization: An Interpretation of the Evolution of the Brazilian Economy Since 2000 Abstract: Brazil experienced a complete economic cycle with an ascending phase in the 2000s, followed by a decline during the following decade. Using the national accounts, the objective of this article is to trace the growth path of the Brazilian economy from the 2000s onwards through a detailed analysis of the financial balance and income flows of the institutional sectors. It will be shown that the economy has two relevant points of inflection: the first was the external shock occasioned by the 2008 global financial crisis, and the second was the change in domestic economic policy after 2015 following an austerity agenda. The article compares the financial balance of the institutional sectors at the two historical moments. It sheds new light on why the Brazilian economy entered the descending phase of the economic cycle and is stagnating and deepening its financialization process. Journal: International Journal of Political Economy Pages: 181-196 Issue: 2 Volume: 52 Year: 2023 Month: 4 X-DOI: 10.1080/08911916.2023.2230030 File-URL: http://hdl.handle.net/10.1080/08911916.2023.2230030 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:52:y:2023:i:2:p:181-196 Template-Type: ReDIF-Article 1.0 # input file: MIJP_A_2241801_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Humberto Martins Author-X-Name-First: Humberto Author-X-Name-Last: Martins Title: Development versus Structural Heterogeneity: Trajectories of Economic Growth and Income Inequalities in Latin American Countries from the 1980s Abstract: This article deals with income inequalities in Latin American countries in the last four decades, relating to economic growth and development. Founded on a structural heterogeneity approach (both its original formulation and recent advances), we adopt a concept of development as a structural process of reducing inequalities. Particularly, we discuss the role of economic policy and institutions on economic growth, income inequalities and development. Empirically, we trace the evolution of economic growth and income inequalities in selected Latin American countries from the period of dominant adoption of neoliberal policies, in the 1980s, to recent decades, when these policies have been partially contested and alternative policies have been established in some cases. In this context, particular attention was devoted to the evolution of social expenditures, identified as a key factor to influence income inequalities. According to the availability of data, we contrast income inequalities in selected Latin American countries and OECD countries by collecting the Gini Index and calculating the Palma ratio for this four-decade period. We analyze the results relating to theoretical basis and institutional elements. Thus, based on the literature review and data analyzed, we contrast trajectories during 1980s and 2000s, stressing that different oriented economic and social policies and institutions lead to different outcomes, which means that trajectories of the countries are mainly outcomes of “choices†made at the national level. Journal: International Journal of Political Economy Pages: 213-233 Issue: 2 Volume: 52 Year: 2023 Month: 4 X-DOI: 10.1080/08911916.2023.2241801 File-URL: http://hdl.handle.net/10.1080/08911916.2023.2241801 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:52:y:2023:i:2:p:213-233 Template-Type: ReDIF-Article 1.0 # input file: MIJP_A_2238565_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Carlotta Breman Author-X-Name-First: Carlotta Author-X-Name-Last: Breman Author-Name: Servaas Storm Author-X-Name-First: Servaas Author-X-Name-Last: Storm Title: Betting on Black Gold: Oil Speculation and U.S. Inflation (2020–2022) Abstract: Sharp increases in systemically important crude oil prices have been a major cause of the recent surge in the inflation rate in the U.S. This paper investigates the extent to which the increase in oil prices can be attributed to excessive speculation in the oil futures market. Our analysis suggests that excessive speculation in the crude oil market has been responsible for 24%–48% of the increase in the WTI crude oil price during October 2020–June 2022. These estimates translate into an oil price increase of around $18-$36 per barrel and an increase in the U.S. PCE inflation rate by circa 0.75–1.5% points during the same period. We complement the analysis with an empirical investigation of the crude oil market, which shows that (speculative) long noncommercial open-interest positions in oil futures have increased considerably relative to short noncommercial positions. We further find that higher futures prices for crude oil “Granger-cause†oil spot prices, the futures prices of corn and soybeans and the fertilizer price. These econometric results show that oil speculators have to be held accountable for not just raising oil prices, but also driving up food commodity prices. We finally discuss measures to clamp down on excessive speculation in oil in order to eliminate its systemically adverse consequences for the U.S. economy. Journal: International Journal of Political Economy Pages: 153-180 Issue: 2 Volume: 52 Year: 2023 Month: 4 X-DOI: 10.1080/08911916.2023.2238565 File-URL: http://hdl.handle.net/10.1080/08911916.2023.2238565 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:52:y:2023:i:2:p:153-180 Template-Type: ReDIF-Article 1.0 # input file: MIJP_A_2220634_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ariel Luis Wirkierman Author-X-Name-First: Ariel Luis Author-X-Name-Last: Wirkierman Title: Distributive Profiles Associated with Domestic versus International Specialization in Global Value Chains Abstract: The present article sets out trends in functional income distribution implied by countries’ integration in Global Value Chains (GVCs), taking also into account interregional interactions (North-North, South–South and North–South). Through the application of an innovative input-output methodology, it quantifies inter-country differences in functional income distribution by means of a novel indicator to estimate the distributive profile associated with domestic vis-à -vis international specialization. The focus is on trade flows, and the analysis carried out allows to single out the distributive implications of alternative regional integration projects, in view of a more inclusive multilateral trade system. Journal: International Journal of Political Economy Pages: 117-152 Issue: 2 Volume: 52 Year: 2023 Month: 4 X-DOI: 10.1080/08911916.2023.2220634 File-URL: http://hdl.handle.net/10.1080/08911916.2023.2220634 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:52:y:2023:i:2:p:117-152 Template-Type: ReDIF-Article 1.0 # input file: MIJP_A_2281204_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Thomas Ferguson Author-X-Name-First: Thomas Author-X-Name-Last: Ferguson Author-Name: Mario Seccareccia Author-X-Name-First: Mario Author-X-Name-Last: Seccareccia Title: Alain Parguez and His Contributions to Political Economy: Introduction Abstract: This introductory article offers a brief overview of the life and works of Alain Parguez. Special focus is on the personal contact with the authors and on Parguez’s major contributions to political economy since the early 1980s when the two authors first met him. Journal: International Journal of Political Economy Pages: 235-238 Issue: 3-4 Volume: 52 Year: 2023 Month: 10 X-DOI: 10.1080/08911916.2023.2281204 File-URL: http://hdl.handle.net/10.1080/08911916.2023.2281204 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:52:y:2023:i:3-4:p:235-238 Template-Type: ReDIF-Article 1.0 # input file: MIJP_A_2280371_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Éric Berr Author-X-Name-First: Éric Author-X-Name-Last: Berr Author-Name: Virginie Monvoisin Author-X-Name-First: Virginie Author-X-Name-Last: Monvoisin Title: Monetary Circuit Theory, Stock-Flow Consistent Modeling and Parguez’s Analysis Abstract: Stock-flow consistent (SFC) modeling goes far beyond simple formal tools. It rests on strong post-Keynesian hypotheses and proposes a new conceptual framework for formalization. This being said, if its affiliation with post-Keynesianism is obvious, SFC models are in line with many elements of the monetary circuit theory (MCT), as developed notably by Alain Parguez. Indeed, MCT has deeply studied macroeconomics and the link between money and production. More precisely, both SFC models and MCT offer an analysis in terms of national accounting, in which money is endogenized through the financing of the economy, and more precisely through the financing of production. Even if MCT has lost its vigor, its fundamental principles are still present through the SFC modeling. Journal: International Journal of Political Economy Pages: 317-327 Issue: 3-4 Volume: 52 Year: 2023 Month: 10 X-DOI: 10.1080/08911916.2023.2280371 File-URL: http://hdl.handle.net/10.1080/08911916.2023.2280371 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:52:y:2023:i:3-4:p:317-327 Template-Type: ReDIF-Article 1.0 # input file: MIJP_A_2280370_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Massimo Cingolani Author-X-Name-First: Massimo Author-X-Name-Last: Cingolani Title: Parguez, the Monetary Circuit, and the Spread of Financialisation Abstract: Alain Parguez was a fierce opponent of “rentier-friendly†policies that dominated the neo-liberal era, which he saw as linked to the triumph of austerity, particularly after the mid-eighties, and for which the first seeds were planted in France before the Second World War. In the last quarter of the last century, neo-liberal policies undoubtedly dominated the scene in all main advanced countries, from the fall of the Berlin wall up to the Financial Crisis of 2008, and later. This historical period was characterized by an increased financialisation, which took the form of an accelerated growth of the financial sector of the advanced economies fed by inflation on the asset side of the financial balance sheet. In parallel, other phenomena accompanied this process such as a marked drop in real investment compared to the two previous decades, the progressive erosion of the welfare state, a general increase in inequalities, low inflation, and the rise of China as a world power among other developments. This article argues that Alain Parguez’s analytical contribution on the monetary circuit fills a substantial theoretical gap in the explanation of financialisation. This gap brought some critical authors to question the relevance of the concept and sometimes to deny its very existence. The main text of reference is the one Parguez wrote in 1996, which he considered as one of his most accomplished and relevant contributions. The present paper shows that this model develops the canonical version of the monetary circuit of Augusto Graziani in a direction that allows interpreting financialisation and other related phenomena likely to prevail in a non-Modigliani-Miller world. The monetary circuit, therefore, appears as one of the building blocks of an alternative economic paradigm that is much needed to address the challenges of our time. Journal: International Journal of Political Economy Pages: 239-258 Issue: 3-4 Volume: 52 Year: 2023 Month: 10 X-DOI: 10.1080/08911916.2023.2280370 File-URL: http://hdl.handle.net/10.1080/08911916.2023.2280370 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:52:y:2023:i:3-4:p:239-258 Template-Type: ReDIF-Article 1.0 # input file: MIJP_A_2280366_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: John Smithin Author-X-Name-First: John Author-X-Name-Last: Smithin Title: Profit, Interest, and Wages in the Monetary Circuit Abstract: This paper reconsiders the work of Professor Alain Parguez (1940–2022) in the fields of macroeconomic policy, international political economy, and the theory of the monetary circuit, from the point of view of social ontology. It presents a stylized numerical example, involving bank balance sheets and the income statements of non-bank firms, to illustrate the issues that are at stake. Journal: International Journal of Political Economy Pages: 282-296 Issue: 3-4 Volume: 52 Year: 2023 Month: 10 X-DOI: 10.1080/08911916.2023.2280366 File-URL: http://hdl.handle.net/10.1080/08911916.2023.2280366 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:52:y:2023:i:3-4:p:282-296 Template-Type: ReDIF-Article 1.0 # input file: MIJP_A_2280364_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Slim Thabet Author-X-Name-First: Slim Author-X-Name-Last: Thabet Title: The Circuit in the History of Economic Thought: The Contribution of Ibn Khaldûn Abstract: In this tribute to Alain Parguez (1940–2022), I draw attention to the economic thought of the prominent medieval scholar, Ibn Khaldûn (1332–1406), specifically his seminal Al Muqaddimah (1377), which was the introduction (“Prolegomenaâ€) to his universal history (Kitab al Ibar, “Book of Lessonsâ€). While caution should be taken in reading a six-hundred-year-old book, I try to show that Ibn Khaldûn could be considered as a forerunner of the Theory of the Monetary Circuit. In his magnum opus, he attempted to lay down the factors that had pushed civilizations (especially the Arab-Muslim one) to bloom to their peak and to decline thereafter. This led him to examine the economic and social processes governing the history and the causes of wealth. Here Ibn Khaldûn anticipated some economic mechanisms which form the core of the Theory of the Monetary Circuit. Journal: International Journal of Political Economy Pages: 328-337 Issue: 3-4 Volume: 52 Year: 2023 Month: 10 X-DOI: 10.1080/08911916.2023.2280364 File-URL: http://hdl.handle.net/10.1080/08911916.2023.2280364 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:52:y:2023:i:3-4:p:328-337 Template-Type: ReDIF-Article 1.0 # input file: MIJP_A_2280373_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Riccardo Bellofiore Author-X-Name-First: Riccardo Author-X-Name-Last: Bellofiore Title: Against the Streams: Alain Parguez and the Theory of the Monetary Circuit Abstract: Alain Parguez, together with Bernard Schmitt and Augusto Graziani, is one of the founders of the modern theory of the monetary circuit. Parguez was making his first forays into monetary circuitism in the 1970s, in the years of my formation, when I came in contact with Augusto Graziani. Graziani’s and Parguez’s reflections were independent, but converging. In the article, I consider the parallels and divergences. I will recall some elements of Alain Parguez’s early version of the theory of the monetary circuit. Like Graziani, Parguez was in stark opposition not only to neoclassical theory and ‘bastard’ Keynesianism, but also with a significant part of the post-Keynesian strand. Parguez’s thinking was against the streams (plural): not only the mainstream, but also much of the so-called alternative approaches. In the late Parguez, an undeniable (but limited) connection with Modern Money Theory was emerging. It might seem that over time Parguez reached conclusions dissenting from Graziani, and his own earlier version of the circuit. I will try to give some arguments for my view that this is only partially true, and that some differences are overstated. I will also address some of Parguez’s views on economic policy. Journal: International Journal of Political Economy Pages: 259-269 Issue: 3-4 Volume: 52 Year: 2023 Month: 10 X-DOI: 10.1080/08911916.2023.2280373 File-URL: http://hdl.handle.net/10.1080/08911916.2023.2280373 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:52:y:2023:i:3-4:p:259-269 Template-Type: ReDIF-Article 1.0 # input file: MIJP_A_2280369_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Louis-Philippe Rochon Author-X-Name-First: Louis-Philippe Author-X-Name-Last: Rochon Author-Name: Gregorio Vidal Author-X-Name-First: Gregorio Author-X-Name-Last: Vidal Author-Name: Wesley C. Marshall Author-X-Name-First: Wesley C. Author-X-Name-Last: Marshall Title: The Legacy of Alain Parguez and his Ongoing Research Agenda: Capitalism, the Financial Circuit and the State Abstract: This article traces the pedigree of ideas and the personal and institutional connections that led us to collaborate with Alain Parguez, whose academic legacy we celebrate here by exploring the roots, the current relevance, and the future of his research agenda. Journal: International Journal of Political Economy Pages: 270-281 Issue: 3-4 Volume: 52 Year: 2023 Month: 10 X-DOI: 10.1080/08911916.2023.2280369 File-URL: http://hdl.handle.net/10.1080/08911916.2023.2280369 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:52:y:2023:i:3-4:p:270-281 Template-Type: ReDIF-Article 1.0 # input file: MIJP_A_2280368_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Mario Seccareccia Author-X-Name-First: Mario Author-X-Name-Last: Seccareccia Title: Government Deficit Spending and Inflation: Alain Parguez and the Post-Keynesians Abstract: This article briefly recounts this author’s personal experience with Alain Parguez and sketches some of his important contributions over four decades. It then tackles the contemporary policy controversy concerning net public spending and inflation, which is once again contentious in today’s inflationary environment. Alain Parguez’s viewpoint was diametrically opposed to the Hayekian position that deficit spending is inevitably inflationary; the latter presumed positive relation between deficits and inflation being questioned by simple empirical evidence available from Western industrial countries. In his writings, instead, Parguez defended a strong Keynesian position on the productive role of public spending. Outside of interest payments on the public debt, he considered public spending broadly in the nature of public investment unassociated with any predictable inflationary consequences, except perhaps in a fully-employed economy. “Good†public budgetary deficits generate much-needed physical productive capital but also essential human/social capital via government transfers. This view is contrasted with the views of two other celebrated post-Keynesian/circuitist writers, Augusto Graziani and Hyman Minsky, who despite important common features of their analyses vis-à -vis those of Parguez, held a somewhat different view of the inflationary impact of deficit spending. Journal: International Journal of Political Economy Pages: 297-316 Issue: 3-4 Volume: 52 Year: 2023 Month: 10 X-DOI: 10.1080/08911916.2023.2280368 File-URL: http://hdl.handle.net/10.1080/08911916.2023.2280368 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:52:y:2023:i:3-4:p:297-316 Template-Type: ReDIF-Article 1.0 # input file: MIJP_A_2318995_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Alvaro Moreno Author-X-Name-First: Alvaro Author-X-Name-Last: Moreno Author-Name: Diego Guevara Author-X-Name-First: Diego Author-X-Name-Last: Guevara Author-Name: Jhan Andrade Author-X-Name-First: Jhan Author-X-Name-Last: Andrade Author-Name: Christos Pierros Author-X-Name-First: Christos Author-X-Name-Last: Pierros Author-Name: Antoine Godin Author-X-Name-First: Antoine Author-X-Name-Last: Godin Author-Name: Sakir Devrim Yilmaz Author-X-Name-First: Sakir Devrim Author-X-Name-Last: Yilmaz Author-Name: Sebastian Valdecantos Author-X-Name-First: Sebastian Author-X-Name-Last: Valdecantos Title: Low-Carbon Transition and Macroeconomic Vulnerabilities: A Multidimensional Approach in Tracing Vulnerabilities and Its Application in the Case of Colombia Abstract: The transition to a low-carbon and climate resilient economy is a process of heavy restructuring of the productive network, during which sunset industries are in decline or even disappear, while sunrise industries emerge and flourish. This process affects all aspects of the economy: the demand and the supply side, the public and the private sector, the financial structure and the informal economy. In this article, we propose a holistic framework that assesses the macroeconomic vulnerability that emerges from a low-carbon transition, especially in developing economies. We consider vulnerability as a multidimensional phenomenon and, thus, pay attention to all fiscal, social, monetary, financial and external dimensions of the economy. We, then apply this framework to the Colombian economy. We use indicative variables of vulnerability, in all its aspects, and a stock-flow consistent growth model in order to monitor their evolution across time. We consider two scenarios related to a reduction of real fossil fuel exports of Colombia and a global rise in interest rates. Results indicate that the more delayed is the global transition, the higher the vulnerability of the Colombian economy. Similarly, global monetary tightening becomes an obstacle in the transition process, as it induces vulnerability stemming from the financial and external side of the economy. Journal: International Journal of Political Economy Pages: 43-66 Issue: 1 Volume: 53 Year: 2024 Month: 1 X-DOI: 10.1080/08911916.2024.2318995 File-URL: http://hdl.handle.net/10.1080/08911916.2024.2318995 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:53:y:2024:i:1:p:43-66 Template-Type: ReDIF-Article 1.0 # input file: MIJP_A_2320026_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Marie Forget Author-X-Name-First: Marie Author-X-Name-Last: Forget Author-Name: Magali Rossi Author-X-Name-First: Magali Author-X-Name-Last: Rossi Title: Beyond Technology and Toward Sustainable Trajectories for Mining Territories: A Challenge for the Present Abstract: Mining is facing several challenges: it must answer to an increasing demand for raw materials in a world in transition, especially for developing countries, it must take into consideration the needs of future generations, and face the long-term socio-environmental impacts it generates. Strong sustainability can only be achieved by stopping the headlong rush and integrating mining activities into the trajectories of mining territories, whatever the identities and specificities of these territories. Aiming to reach the goals of strong sustainability development could only be achieved by taking into account all the components (geology, economy, environment, society, culture) of mining territories. Journal: International Journal of Political Economy Pages: 96-110 Issue: 1 Volume: 53 Year: 2024 Month: 1 X-DOI: 10.1080/08911916.2024.2320026 File-URL: http://hdl.handle.net/10.1080/08911916.2024.2320026 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:53:y:2024:i:1:p:96-110 Template-Type: ReDIF-Article 1.0 # input file: MIJP_A_2318989_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Sakir Devrim Yilmaz Author-X-Name-First: Sakir Devrim Author-X-Name-Last: Yilmaz Author-Name: Antoine Godin Author-X-Name-First: Antoine Author-X-Name-Last: Godin Title: Strongly Sustainable Development Trajectories: The Road to Social, Environmental, and Macroeconomic Stability – Introduction Abstract: This brief introduction discusses the concept of strong sustainability from three basic pillars: The non-substitutability of natural capital, the necessity to have holistic analysis of sustainability using multi-dimensional criteria, and the construction of a new social contract to formulate sustainable trajectories. Journal: International Journal of Political Economy Pages: 1-3 Issue: 1 Volume: 53 Year: 2024 Month: 1 X-DOI: 10.1080/08911916.2024.2318989 File-URL: http://hdl.handle.net/10.1080/08911916.2024.2318989 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:53:y:2024:i:1:p:1-3 Template-Type: ReDIF-Article 1.0 # input file: MIJP_A_2317099_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Nikolaos Rodousakis Author-X-Name-First: Nikolaos Author-X-Name-Last: Rodousakis Author-Name: Giuliano Toshiro Yajima Author-X-Name-First: Giuliano Toshiro Author-X-Name-Last: Yajima Author-Name: George Soklis Author-X-Name-First: George Author-X-Name-Last: Soklis Title: The Economic and Environmental Effects of a Green Employer of Last Resort: A Sectoral Multiplier Analysis for the United States Abstract: We assess the sectoral impact of the implementation of a “green†employer of last resort (ELR) program in the US, based on an environmental modification of an extended Kurz’s (1985) multiplier framework and data from OECD Input-Output tables. We use these multipliers to estimate the impact of an “optimal†ELR, designed to maximize the impact on both output and employment while minimizing both imports and carbon emissions. We then test several alternative policy scenarios based upon different compositions of US government expenditure. We provide evidence that (1) investing in the optimal sectors in terms of output, employment, CO2, and import multipliers does not always deliver optimal results in the aggregate; (2) ecological sustainability for the US economy also fosters import sustainability; (3) a rebounding effect in CO2 emissions may be tamed if the ELR satisfies the abovementioned optimality condition, though this undermines its success in terms of output and employment. Journal: International Journal of Political Economy Pages: 21-42 Issue: 1 Volume: 53 Year: 2024 Month: 1 X-DOI: 10.1080/08911916.2024.2317099 File-URL: http://hdl.handle.net/10.1080/08911916.2024.2317099 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:53:y:2024:i:1:p:21-42 Template-Type: ReDIF-Article 1.0 # input file: MIJP_A_2321429_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Thi Thu Ha Nguyen Author-X-Name-First: Thi Thu Ha Author-X-Name-Last: Nguyen Author-Name: Étienne Espagne Author-X-Name-First: Étienne Author-X-Name-Last: Espagne Title: Climate Impacts and Institutionalization in Viet Nam Abstract: In this article, we present an economy-wide assessment of the economic impacts of climate change in Viet Nam under a net zero scenario. Viet Nam is one of the most vulnerable countries to climate change in the Asia - Pacific region. The changes in political and socio-economic conditions since the Äổi Má»›i reforms have been accompanied by the progressive building of new environmental policies. A specific form of Vietnamese environmental State has emerged, climaxing in the Net Zero announcement of Viet Nam at COP26 and its participation in the Just Transition Energy Partnership coalition. At the same time, the ongoing climate crisis makes it crucial to assess the climate change impacts for policy planning at the macroeconomic level. The loss due to climate change could prevent Viet Nam from achieving its development target of becoming an industrialized country by 2045, let alone reaching the Net Zero ambition. In addition, we consider how climate change and the political discourse on climate change are currently progressively institutionalized and becoming an integral component of Vietnamese social dynamics. Journal: International Journal of Political Economy Pages: 4-20 Issue: 1 Volume: 53 Year: 2024 Month: 1 X-DOI: 10.1080/08911916.2024.2321429 File-URL: http://hdl.handle.net/10.1080/08911916.2024.2321429 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:53:y:2024:i:1:p:4-20 Template-Type: ReDIF-Article 1.0 # input file: MIJP_A_2321428_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Alexandre Rambaud Author-X-Name-First: Alexandre Author-X-Name-Last: Rambaud Title: How Can Accounting Reformulate the Debate on Natural Capital and Help Implement Its Ecological Approach? Abstract: This study resituates the notion of Natural Capital (NC) in a cosmological perspective and mobilizes accounting theory to propose a fresh approach to the concept. Thus, we firstly offer a critical analysis of NC to clarify the differences between its (capitalist) economic and ecological approaches. To do this, we perform a “Latourian†anthropological analysis of the mainstream notion of capital, repositioned in the Modern cosmology, as well as the notion of “Ecology.†We show that the mainstream use of NC is incompatible with an ecological perspective, even in the case of Economic “Strong Sustainability.†As an outcome, this study renews the critical analysis of Strong versus Weak sustainability. We then connect this debate with the concept of capital in “Traditional†Accounting (TA). We argue that TA theory provides a relevant framework to structure the debate on NC and to implement an ecological conceptualization of this notion. At the corporate level, in particular, the difference between a capitalist and an ecological NC relies on the difference between a debit (economic) and a credit (accounting) concept of capital. This study so proposes an extension of the “classical†accounting practices in historical costs to a more ecological vision of NC, linking accounting practices understood by current corporate stakeholders to ecological requirements. By doing this, we want to open a potential path of research in ecological economics and accounting based on an alternative perspective on NC. Journal: International Journal of Political Economy Pages: 67-95 Issue: 1 Volume: 53 Year: 2024 Month: 1 X-DOI: 10.1080/08911916.2024.2321428 File-URL: http://hdl.handle.net/10.1080/08911916.2024.2321428 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:53:y:2024:i:1:p:67-95 Template-Type: ReDIF-Article 1.0 # input file: MIJP_A_2279213_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Moritz Pfeifer Author-X-Name-First: Moritz Author-X-Name-Last: Pfeifer Author-Name: Mohamed El Guindi Author-X-Name-First: Mohamed Author-X-Name-Last: El Guindi Author-Name: Giancarlo Salazar-Caicedo Author-X-Name-First: Giancarlo Author-X-Name-Last: Salazar-Caicedo Title: Secrets of the Temple or Noise of the Agora? Abstract: This study sets out to investigate whether the Federal Reserve System is able to efficiently manage the communicative challenge of pandering to the different demands of distinct target audiences—households, firms, banks, and the government. The empirical methodology for this analysis builds on the growing literature analyzing central bank communications to better understand the political and financial implications of monetary policy. We hope to contribute to this field of research by (1) creating a new database of over fifty years of speeches (2) devising a new method for analyzing communications that considers different audiences, and (3) providing empirical evidence for the observation that monetary policy is not neutral, i.e., that communications are positively or negatively biased in favor of some economic groups over others. The results of this analysis show that Fed central bankers communicate differently in response to a speaker’s audience. The political and financial implications suggest that central bank communications may inspire more confidence and higher efficiency in achieving stable long-term interest rates when communications are targeted. Journal: International Journal of Political Economy Pages: 202-232 Issue: 2 Volume: 53 Year: 2024 Month: 4 X-DOI: 10.1080/08911916.2023.2279213 File-URL: http://hdl.handle.net/10.1080/08911916.2023.2279213 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:53:y:2024:i:2:p:202-232 Template-Type: ReDIF-Article 1.0 # input file: MIJP_A_2357904_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Alicia Girón Author-X-Name-First: Alicia Author-X-Name-Last: Girón Author-Name: Marcia Solorza Author-X-Name-First: Marcia Author-X-Name-Last: Solorza Title: Alain Parguez and Monetary Circuit Theory: Keys to Understanding the Development of Economies with a Double Monetary Standard Abstract: The Monetary Circuit Theory is a key framework to understand the complexity of the insertion of countries with double monetary circuits into the international monetary circuits. In this article, we develop Parguez’s essential ideas for the study of developing countries precisely at a time when financial tensions are being exacerbated due to the pandemic and its consequences as well as to war conflicts internationally. In this essay, we collect the main contributions of Alain Parguez in relation to his theory of the double monetary circuit, which he had expressed in chapters of books published in English and French, later published in Spanish in the journal Ola Financiera and by the Latin American Council of the Social Sciences (CLACSO), as a tribute to a great economist interested in developing countries with a double monetary circuit. Delving into Parguez’s thought provides us with elements to understand monetary economies of production where a general global monetary equivalent coexists with a general equivalent assigned to a national monetary space. The causal relationship between both currencies determines the process of capital accumulation in developing economies, whose formation is anchored to the interests of economic agents that dominate the productive and financial markets. Journal: International Journal of Political Economy Pages: 111-125 Issue: 2 Volume: 53 Year: 2024 Month: 4 X-DOI: 10.1080/08911916.2024.2357904 File-URL: http://hdl.handle.net/10.1080/08911916.2024.2357904 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:53:y:2024:i:2:p:111-125 Template-Type: ReDIF-Article 1.0 # input file: MIJP_A_2278813_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: William Van Lear Author-X-Name-First: William Author-X-Name-Last: Van Lear Title: An Assessment of Pandemic Era Inflation, 2021–2022 Abstract: This paper examines the inflationary period of 2021 to the middle of 2022 primarily by employing US data but is suggestive of the global inflation experience given important cross-border linkages. Inflation is posited as a result of buyer firms, operating across multiple, global supply chain stages, who must shift their purchases to a reduced set of supplier companies. Supply is crimped because of pandemic impacts on capacity. Supply-induced shortages cause global demands to concentrate around fewer oligopoly producers who hike markups and prices. Empirical work is directed at understanding which specific factors that affect pricing are most responsible for the experienced inflation. The paper finds that markup increases represent a larger fraction of price increases than the other price components, suggesting that profit-push is the most important cause of the global inflation experience. Industrial data show that cuts to the aggregate productive capacity of firms did occur, setting the stage for shortages to develop, particularly after demand recovered from the pandemic lockdown. Journal: International Journal of Political Economy Pages: 149-163 Issue: 2 Volume: 53 Year: 2024 Month: 4 X-DOI: 10.1080/08911916.2023.2278813 File-URL: http://hdl.handle.net/10.1080/08911916.2023.2278813 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:53:y:2024:i:2:p:149-163 Template-Type: ReDIF-Article 1.0 # input file: MIJP_A_2342591_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Sébastien Charles Author-X-Name-First: Sébastien Author-X-Name-Last: Charles Author-Name: Thomas Dallery Author-X-Name-First: Thomas Author-X-Name-Last: Dallery Author-Name: Jonathan Marie Author-X-Name-First: Jonathan Author-X-Name-Last: Marie Title: Inflation in France Since the 1960s: A Post-Keynesian Interpretation Using the Conflict-Inflation Model Abstract: This paper analyses inflation in France since the early 1960s based on a standard conflicting-claims approach. Applying an empirical version of the conflict-inflation framework, we adduce evidence suggesting the theory is sound and can explain variations in inflation over the long run. We provide a method for estimating indicators of workers’ and firms’ bargaining power as well as their respective distributional aspirations. Based on the literature we identify four periods: the Fordist regime, the Neoliberal regime, and two transitional periods. Our results cast light on institutional regime changes. It is shown that the evolution from the Great Inflation to the Great Moderation was the consequence of a collapse in the bargaining power of workers (and of firms to a lesser extent); but the narrowing of the aspirations’ gap because of workers’ renouncement was also significant. This analysis allows us to highlight differences between the stagflation observed during the 1970s and the inflationary surge in the post-pandemic period (2021–2023). Journal: International Journal of Political Economy Pages: 164-186 Issue: 2 Volume: 53 Year: 2024 Month: 4 X-DOI: 10.1080/08911916.2024.2342591 File-URL: http://hdl.handle.net/10.1080/08911916.2024.2342591 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:53:y:2024:i:2:p:164-186 Template-Type: ReDIF-Article 1.0 # input file: MIJP_A_2249338_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Davide Gualerzi Author-X-Name-First: Davide Author-X-Name-Last: Gualerzi Title: Elaborating on the Demand-Side of Economic Development: Schumpeter and Neo-Schumpeterian Theory Abstract: The article aims at integrating Schumpeter’s focus on innovation, entrepreneurship, and qualitative change with a theory of the demand side. It argues that, by remaining close to Schumpeter’s “methodological coreâ€, it is possible to go forward with Schumpeter’s seminal contribution. The new perspective deals with innovation and demand together, therefore, laying out the basics for a theory of the demand side, a goal that despite the numerous attempts has remained elusive to Neo-Schumpeterian\Evolutionist theory. Its recent development highlights a “micro†orientation that does not facilitate that task. The suggested approach in this article focuses on the exploitation of the potential implicit in current consumption patterns by means of innovation and new products. Its main goal is to provide a theoretical framework for the large number of case studies and empirical analyses of new products and innovation that constitutes the bulk of research on demand in the Neo-Schumpeterian\Evolutionist literature. That should also contribute to analyzing the structural aspects of the “demand generating†process. Journal: International Journal of Political Economy Pages: 187-201 Issue: 2 Volume: 53 Year: 2024 Month: 4 X-DOI: 10.1080/08911916.2023.2249338 File-URL: http://hdl.handle.net/10.1080/08911916.2023.2249338 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:53:y:2024:i:2:p:187-201 Template-Type: ReDIF-Article 1.0 # input file: MIJP_A_2354994_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Servaas Storm Author-X-Name-First: Servaas Author-X-Name-Last: Storm Title: Tilting at Windmills: Bernanke and Blanchard’s Obsession with the Wage-Price Spiral Abstract: Bernanke and Blanchard use a simple dynamic New Keynesian model of wage-price determination to explain the sharp acceleration in U.S. inflation during 2021–2023. They claim that their model closely tracks the pandemic-era inflation and they confidently conclude that “… we don’t think that the recent experience justifies throwing out existing models of wage-price dynamics.†This paper argues that this confidence is misplaced. The Bernanke and Blanchard is another failed attempt to salvage establishment macroeconomics after the massive onslaught of adverse inflationary circumstances with which it could evidently not contend. It misrepresents American economic reality, hides distributional issues from view, de-politicizes (monetary and fiscal) policy-making, and sets monetary policymakers up to deliver significantly more monetary tightening than can be justified on the basis of more realistic model analyses. Journal: International Journal of Political Economy Pages: 126-148 Issue: 2 Volume: 53 Year: 2024 Month: 4 X-DOI: 10.1080/08911916.2024.2354994 File-URL: http://hdl.handle.net/10.1080/08911916.2024.2354994 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:53:y:2024:i:2:p:126-148 Template-Type: ReDIF-Article 1.0 # input file: MIJP_A_2391239_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240625T135222 git hash: cf9af5b024 Author-Name: Gianni Vaggi Author-X-Name-First: Gianni Author-X-Name-Last: Vaggi Author-Name: Luca Frigerio Author-X-Name-First: Luca Author-X-Name-Last: Frigerio Title: The Myth (or Folly) of African Debt Abstract: Despite past debt relief initiatives, the external debt of Africa is rising again, and it has some new worrying features: diminishing concessionality and a rising private creditor. Sub-Saharan African countries devote a significant portion of their fiscal resources to service the debt, and this prevents them from increasing development expenditures (generally imports of strategic goods that can't be produced domestically). By adding a human development factor to the Geometry of Debt Sustainability model (GDS) (Vaggi and Prizzon 2014) and following the analytical framework of Pasinetti (1998), we assess how external debt sustainability changes when countries increase the foreign currency purchasing of health and education goods and services. Not only these types of human development expenditures are central to the Sustainable Development Goals (SDGs), but they have become even more important due to impact of the Covid-19 pandemic on many low income countries (LICs). We evaluate external debt sustainability in two African contexts: Kenya and a composite country, called Ubuntu, which is representative of Sub-Saharan Africa average indebtedness conditions. The results confirm the existence of a trade-off between debt service and human development expenditures. Even before the Covid-19 pandemic, the Sub-Saharan African countries were on unsustainable debt trajectories as the debt-to-GDP ratios would stabilize only at extremely high values. Journal: International Journal of Political Economy Pages: 285-309 Issue: 3 Volume: 53 Year: 2024 Month: 7 X-DOI: 10.1080/08911916.2024.2391239 File-URL: http://hdl.handle.net/10.1080/08911916.2024.2391239 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:53:y:2024:i:3:p:285-309 Template-Type: ReDIF-Article 1.0 # input file: MIJP_A_2391215_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240625T135222 git hash: cf9af5b024 Author-Name: Nadia Garbellini Author-X-Name-First: Nadia Author-X-Name-Last: Garbellini Title: Guest Editor’s Introduction to: “The Contemporary Relevance of Luigi L. Pasinetti’s View on Debt Sustainability†Journal: International Journal of Political Economy Pages: 233-234 Issue: 3 Volume: 53 Year: 2024 Month: 7 X-DOI: 10.1080/08911916.2024.2391215 File-URL: http://hdl.handle.net/10.1080/08911916.2024.2391215 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:53:y:2024:i:3:p:233-234 Template-Type: ReDIF-Article 1.0 # input file: MIJP_A_2391199_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240625T135222 git hash: cf9af5b024 Author-Name: Lorenzo Esposito Author-X-Name-First: Lorenzo Author-X-Name-Last: Esposito Author-Name: Joseph Halevi Author-X-Name-First: Joseph Author-X-Name-Last: Halevi Title: Austerity and Financialization: Is There Another Way? The Pasinetti Suggestion Abstract: Since the 1990s, economic policies in Europe and elsewhere, have been based on the theoretical and practical ideas embedded in the Maastricht Treaty: public debt and deficit must be reduced, even if this implies severe austerity. The main goal of this policy, growth with a decrease in public debt, did not work. Although the Maastricht Treaty framework received a wide consensus in the academic world as well in European politics, a few brave scholars stood up since the beginning to show its fallacies. In this article, we will discuss the critiques that Pasinetti made to the set-up of the EU economic policy, then we will connect the fate of public and private debt and finally we will explain why continuing with austerity will condemn Europe to anemic growth and political irrelevance. Journal: International Journal of Political Economy Pages: 252-261 Issue: 3 Volume: 53 Year: 2024 Month: 7 X-DOI: 10.1080/08911916.2024.2391199 File-URL: http://hdl.handle.net/10.1080/08911916.2024.2391199 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:53:y:2024:i:3:p:252-261 Template-Type: ReDIF-Article 1.0 # input file: MIJP_A_2391198_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240625T135222 git hash: cf9af5b024 Author-Name: Matteo Deleidi Author-X-Name-First: Matteo Author-X-Name-Last: Deleidi Author-Name: Nadia Garbellini Author-X-Name-First: Nadia Author-X-Name-Last: Garbellini Author-Name: Gianmarco Oro Author-X-Name-First: Gianmarco Author-X-Name-Last: Oro Title: Back to Maastricht: Public Debt Sustainability and the Fiscal Multipliers Abstract: This essay contributes to the debate on the relevance of fiscal multipliers in the design of economic policies. The need for a different methodological perspective emerges from the results produced in the Eurozone by various fiscal consolidation programs, which, after being implemented following the sovereign debt crisis of 2011 and then suspended to address the COVID-19 crisis, are now being reintroduced according to the balanced budget rules set forth by the Maastricht Treaty. Building on the method elaborated by Pasinetti, we identify the sustainability area of the debt-to-GDP ratio within which different levels of public deficit can be achieved based on the fiscal multiplier. The analysis reveals that, under certain country-specific conditions, imposing limits on public spending can be counterproductive to the sustainability of public debt. Journal: International Journal of Political Economy Pages: 262-271 Issue: 3 Volume: 53 Year: 2024 Month: 7 X-DOI: 10.1080/08911916.2024.2391198 File-URL: http://hdl.handle.net/10.1080/08911916.2024.2391198 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:53:y:2024:i:3:p:262-271 Template-Type: ReDIF-Article 1.0 # input file: MIJP_A_2391237_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240625T135222 git hash: cf9af5b024 Author-Name: Hanna Szymborska Author-X-Name-First: Hanna Author-X-Name-Last: Szymborska Title: Fiscal Policy after the COVID-19 Pandemic: Step Change or Status Quo? Abstract: The scope and reach of fiscal policy responses to the COVID-19 pandemic contrasted with the fiscal policy implemented in the immediate aftermath of the 2007 global financial crisis. However, the advent of high inflation that followed effectively nipped the prospects of a more radical shift in the fiscal policy paradigm in the bud, with monetary policy taking the lead. This article analyses the causes of the subsequent lack of a step change in the approach to fiscal policymaking through a comparative study of fiscal policy responses to the COVID-19 pandemic in the UK and the USA. Based on qualitative interdisciplinary analysis, the article shows how the ideological foundations of fiscal policy are formed and their consequences for policy implementation in times of crises and recovery. The article discusses what changes in the approach to fiscal policy are needed to secure a more equitable, long-term economic prosperity. Journal: International Journal of Political Economy Pages: 272-284 Issue: 3 Volume: 53 Year: 2024 Month: 7 X-DOI: 10.1080/08911916.2024.2391237 File-URL: http://hdl.handle.net/10.1080/08911916.2024.2391237 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:53:y:2024:i:3:p:272-284 Template-Type: ReDIF-Article 1.0 # input file: MIJP_A_2391211_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240625T135222 git hash: cf9af5b024 Author-Name: Marica Frangakis Author-X-Name-First: Marica Author-X-Name-Last: Frangakis Title: Pasinetti and the EU Fiscal Governance Framework: A Debate That Will Not Go Away Abstract: Luigi Pasinetti voiced his objections to the Stability and Growth Pact (SGP) at its very inception, in the late 1990s. The SGP has by now been in existence for almost one-quarter of a century. Its historical trajectory has proven its critics right, while its repeated revisions over time have increased its complexity and ineffectiveness to the point where the European Commission embarked on a process of overhaul, ending in a new EU fiscal governance framework. In the present article, we argue that Pasinetti’s objections remain valid today, twenty-five years after he exposed them in a series of articles. The new version of the Stability and Growth Pact remains focused on debt reduction, ignores the role of money and of finance and keeps fiscal policy apart from the rest of the economy. The chances that it will succeed where its previous versions failed appear slim. Journal: International Journal of Political Economy Pages: 235-251 Issue: 3 Volume: 53 Year: 2024 Month: 7 X-DOI: 10.1080/08911916.2024.2391211 File-URL: http://hdl.handle.net/10.1080/08911916.2024.2391211 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:53:y:2024:i:3:p:235-251 Template-Type: ReDIF-Article 1.0 # input file: MIJP_A_2412518_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20241127T073524 git hash: 0fa6686462 Author-Name: Nicolás Aguila Author-X-Name-First: Nicolás Author-X-Name-Last: Aguila Title: Central Banking in Financially Subordinated Countries During Crises: The Central Bank of the Argentine Republic’s Response to the Pandemic in 2020 Abstract: Central banks in financially subordinated countries face structural limits derived from the position of the currencies that they issue in the international monetary hierarchy. These constraints become particularly acute during crises when financially subordinated countries face capital outflows triggered by both foreign and domestic residents. In crises, peripheral central bank intervention is characterized by the selling of international reserves. Issuing national currency can add fuel to the outflow fire, as shown by the response to the pandemic of the Central Bank of the Argentine Republic (BCRA). The BCRA implemented several countercyclical measures, including financing fiscal policies, lowering interest rates, increasing the liquidity of the financial system, targeted policies to boost lending, and FX market intervention. These were quantitatively significant and relatively successful at the beginning. However, from August, a growing exchange rate pressure and an acceleration of inflation forced the BCRA to change its strategy to face the outflow and withdraw national currency from circulation. The BCRA implemented exchange controls, reduced the financing to the Treasury, issued remunerated liabilities, and increased interest rates without being able to avoid a greater devaluation of the currency or reduce inflation. Journal: International Journal of Political Economy Pages: 451-472 Issue: 4 Volume: 53 Year: 2024 Month: 10 X-DOI: 10.1080/08911916.2024.2412518 File-URL: http://hdl.handle.net/10.1080/08911916.2024.2412518 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:53:y:2024:i:4:p:451-472 Template-Type: ReDIF-Article 1.0 # input file: MIJP_A_2394347_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20241127T073524 git hash: 0fa6686462 Author-Name: The Editors Title: Correction Journal: International Journal of Political Economy Pages: 506-506 Issue: 4 Volume: 53 Year: 2024 Month: 10 X-DOI: 10.1080/08911916.2024.2394347 File-URL: http://hdl.handle.net/10.1080/08911916.2024.2394347 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:53:y:2024:i:4:p:506-506 Template-Type: ReDIF-Article 1.0 # input file: MIJP_A_2407578_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20241127T073524 git hash: 0fa6686462 Author-Name: Mateo Crossa Author-X-Name-First: Mateo Author-X-Name-Last: Crossa Title: USMCA and Uneven Regionalized Protectionism: Automotive Industry in Mexico under US Corporate Control Abstract: Despite the growing literature insisting in showing the advantageous effects that the USMCA has for the Mexican industrial and labor development, this article seeks to offer a critical and historical explanation that helps to understand the causes that led to the momentum of the USMCA and the subordinate role that Mexico has played—and will continue to do so under this new trade arrangement—in the increasingly strengthened process of unequal regional protectionism, which has historically played against Mexico’s domestic industrial development. The main argument in this article claims that the new rules of origin in the USMCA will have a clear and differentiated impact on the automotive firms operating in Mexico, benefiting US firms on the eve of the protection they require in the face of the great technological changes and increasing competition among the global auto firms. Journal: International Journal of Political Economy Pages: 492-505 Issue: 4 Volume: 53 Year: 2024 Month: 10 X-DOI: 10.1080/08911916.2024.2407578 File-URL: http://hdl.handle.net/10.1080/08911916.2024.2407578 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:53:y:2024:i:4:p:492-505 Template-Type: ReDIF-Article 1.0 # input file: MIJP_A_2407199_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20241127T073524 git hash: 0fa6686462 Author-Name: Andrés Blanco Author-X-Name-First: Andrés Author-X-Name-Last: Blanco Title: The Concept of Money and its Roles in Contemporary Capitalism Abstract: The building of a theory of money consistent with the Marxian theory of value has been a recurring issue in Marxian economics. A satisfactory solution consists in the articulation of key aspects of the “monetary circuit theory†with the Marxian commodity theory, separating the monetary sphere from value, and at the same time providing a Marxist critique of the circuit theory, which reformulates crucial aspects thereof. Money is thus conceived as a particular relation that, in its basic form, enables the appropriation of commodities. Money further deploys several and more complex functions in the capitalist system: it realizes value; it enables the sharing of production between wages and surplus-value; it allows for the accumulation of capital in its various forms; and it organizes production among other functions. Additionally, the combination of such theory of money with the main theoretical categories of the Marxian approach satisfactorily explain certain phenomena, such as private and public indebtedness, taxes, public spending, and crises. For example, while the conclusions regarding public spending are similar to those of previous approaches that consider it as a complementary way of realizing value, the monetary approach modifies the standard Marxian view of taxes as a direct appropriation of surplus-value to focus instead on its function of removing money from circulation. Public debt, in turn, is still posited as a form of worker exploitation, by means of a series of chained effects on public spending, tax revenue, and money endowments. Journal: International Journal of Political Economy Pages: 430-450 Issue: 4 Volume: 53 Year: 2024 Month: 10 X-DOI: 10.1080/08911916.2024.2407199 File-URL: http://hdl.handle.net/10.1080/08911916.2024.2407199 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:53:y:2024:i:4:p:430-450 Template-Type: ReDIF-Article 1.0 # input file: MIJP_A_2406137_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20241127T073524 git hash: 0fa6686462 Author-Name: The Editors Title: Correction Journal: International Journal of Political Economy Pages: 507-507 Issue: 4 Volume: 53 Year: 2024 Month: 10 X-DOI: 10.1080/08911916.2024.2406137 File-URL: http://hdl.handle.net/10.1080/08911916.2024.2406137 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:53:y:2024:i:4:p:507-507 Template-Type: ReDIF-Article 1.0 # input file: MIJP_A_2407200_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20241127T073524 git hash: 0fa6686462 Author-Name: Jean-François Ponsot Author-X-Name-First: Jean-François Author-X-Name-Last: Ponsot Author-Name: Siham Rizkallah Author-X-Name-First: Siham Author-X-Name-Last: Rizkallah Title: Dollarization in Lebanon Abstract: Partial or total, official or unofficial dollarization reflects a lack of monetary credibility and confidence in the countries concerned. In Lebanon, the irreversible high partial dollarization since the 1980s concerns deposits, credits, and even public debt. The accumulated deficits of the balance of payments since 2011 with the maintenance of the exchange rate peg USD/LBP have gradually depleted the USD reserves of the Central Bank of Lebanon. The collapse in 2019 is reflected in the fall of the pegged exchange rate regime, the default on payment of the public debt in USD, and the inability of banks to meet withdrawal requests and deposit transfers in USD. The scientific literature and empirical studies show that, in a situation of very high partial dollarization, this is incompatible with a free float regime. The stabilization based on the exchange rate anchor cannot be repeated after the loss of confidence in the ability of the Central Bank to maintain it. The choice of a hard peg regime (currency board or full dollarization) seems dominant although it is difficult to consider it as an optimal solution. However, the Lebanese economy seems to be moving currently toward full dollarization even if only unofficially at the beginning. Journal: International Journal of Political Economy Pages: 473-491 Issue: 4 Volume: 53 Year: 2024 Month: 10 X-DOI: 10.1080/08911916.2024.2407200 File-URL: http://hdl.handle.net/10.1080/08911916.2024.2407200 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:53:y:2024:i:4:p:473-491 Template-Type: ReDIF-Article 1.0 # input file: MIJP_A_2429312_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20241127T073524 git hash: 0fa6686462 Author-Name: Markus Nabernegg Author-X-Name-First: Markus Author-X-Name-Last: Nabernegg Author-Name: Steffen Lange Author-X-Name-First: Steffen Author-X-Name-Last: Lange Author-Name: Thomas Kopp Author-X-Name-First: Thomas Author-X-Name-Last: Kopp Title: Inflation in Germany: Energy Prices, Profit Shares, and Market Power in Different Sectors Abstract: Countries all over the world experienced exceptional inflation rates since 2021 as a consequence of global supply chain disruptions, a post-Covid-19 demand shock, and rising energy costs after the Russian Federation’s invasion in Ukraine. Germany is one particularly relevant example, given that the European Union’s strongest economy has high anti-inflation sentiments and employs relatively tight fiscal policy but nevertheless suffered the longest from those shocks. This study examines price developments – broken down by various sectors – in Germany and how the additional revenues from these price increases were distributed between capital and labor. Results suggest that the high levels of inflation in 2021-2023 in Germany cannot be explained by the substantial rises in energy prices alone. The analysis of deflators for gross value added indicates that the price increases were heterogeneous across economic sectors with particularly high levels in agriculture, construction, energy supply, as well as services in trade, transport, and hospitality. Profits accounted for 57.6% of nominal gross value added in the most inflation-intensive sectors. This is 32% above the average of the other sectors, indicating that most of the inflation was associated with company profits in the high inflation sectors. The inflation consequently benefited capital owners at the expense of workers who suffered from increased prices without receiving sufficient compensation through higher wages. In terms of policy implications, there is no evidence of a wage-price spiral, but clear evidence that the key contributors of inflation were increased energy prices and corporate profits. Journal: International Journal of Political Economy Pages: 342-363 Issue: 4 Volume: 53 Year: 2024 Month: 10 X-DOI: 10.1080/08911916.2024.2429312 File-URL: http://hdl.handle.net/10.1080/08911916.2024.2429312 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:53:y:2024:i:4:p:342-363 Template-Type: ReDIF-Article 1.0 # input file: MIJP_A_2412977_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20241127T073524 git hash: 0fa6686462 Author-Name: Mikael Randrup Byrialsen Author-X-Name-First: Mikael Randrup Author-X-Name-Last: Byrialsen Author-Name: Sebastian Valdecantos Author-X-Name-First: Sebastian Author-X-Name-Last: Valdecantos Title: Saving to Build Wealth? An Empirical Analysis of the High (and Increasing) Current Account Surplus in Denmark Abstract: In the 2010s, Denmark registered sustained current account surpluses of an average of 8% of gross domestic product (GDP). In trying to explain the nature and causes of this extraordinary performance, recent studies have pointed to a temporary change in the private sector’s financial behavior as the main driver. However, descriptive analysis of the balance of payments shows that the improvement of the current account in the 2010s has been driven by three main elements: (i) the increase in real net exports, (ii) the increase in terms of trade, and (iii) the improvement in the income account. This article explores how the current account balance and the net lending of the Danish private sector would have evolved under alternative scenarios for these three elements. This is done through an empirical quarterly structural macroeconomic model for the period 2005–20, which we use to make counterfactual analyses. We find that, although part of the increase in the current account is due to an increase in domestic savings, as recent studies suggest, the effect of factors specifically related to the external sector has also been significant. Hence, the findings of this article suggest that the high current account surplus of Denmark is more a structural phenomenon than a temporary one, as official reports have been claiming thus far. Journal: International Journal of Political Economy Pages: 364-408 Issue: 4 Volume: 53 Year: 2024 Month: 10 X-DOI: 10.1080/08911916.2024.2412977 File-URL: http://hdl.handle.net/10.1080/08911916.2024.2412977 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:53:y:2024:i:4:p:364-408 Template-Type: ReDIF-Article 1.0 # input file: MIJP_A_2412471_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20241127T073524 git hash: 0fa6686462 Author-Name: Murray Bryant Author-X-Name-First: Murray Author-X-Name-Last: Bryant Author-Name: Gudrun Johnsen Author-X-Name-First: Gudrun Author-X-Name-Last: Johnsen Author-Name: Gylfi Magnusson Author-X-Name-First: Gylfi Author-X-Name-Last: Magnusson Author-Name: Throstur Olaf Sigurjonsson Author-X-Name-First: Throstur Author-X-Name-Last: Olaf Sigurjonsson Title: Debt Reduction for Economic Resurrection and Redistribution Abstract: In October 2008, Iceland faced a severe crisis when its financial system collapsed, leading to economic, social, political, and international turmoil. The currency plummeted, asset prices fell, inflation surged, real wages declined, and unemployment soared, sparking public unrest. Citizens lost trust in institutions and each other as blame for the crisis spread widely. In response, successive governments implemented innovative policies to aid recovery and restore public trust. This paper examines the debt policies adopted during the crisis and the rapid adjustments made as new information emerged. Policymakers experimented with various tools, some of which deviated from traditional IMF guidelines but were later adopted by the IMF in severe crises. International relations were strained, notably in the Icesave dispute, where Iceland was listed alongside terrorist organizations by a long-time ally. Unlike other countries, Iceland focused on supporting households and productive firms rather than bailing out financial institutions, offering a model for alternative crisis response. Many of Iceland’s policies resembled the Global South’s but with unique measures, such as significant debt reduction and enhanced social safety nets. This paper emphasizes that addressing household and corporate debt was crucial for successful redistribution efforts. Journal: International Journal of Political Economy Pages: 409-429 Issue: 4 Volume: 53 Year: 2024 Month: 10 X-DOI: 10.1080/08911916.2024.2412471 File-URL: http://hdl.handle.net/10.1080/08911916.2024.2412471 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:53:y:2024:i:4:p:409-429 Template-Type: ReDIF-Article 1.0 # input file: MIJP_A_2419240_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20241127T073524 git hash: 0fa6686462 Author-Name: Thomas Ferguson Author-X-Name-First: Thomas Author-X-Name-Last: Ferguson Author-Name: Servaas Storm Author-X-Name-First: Servaas Author-X-Name-Last: Storm Title: Good Policy or Good Luck? Why Inflation Fell Without a Recession Abstract: This article analyzes claims that the Federal Reserve is principally responsible for the decline of inflation in the U.S. We compare several different quantitative approaches. These show that at most the Fed could plausibly claim credit for somewhere between twenty and forty percent of the decline. The article then examines claims by central bankers and their supporters that a steadfast Fed commitment to keeping inflationary expectations anchored played a key role in the process. The article shows that it did not. The Fed’s own surveys show that low-income Americans did not believe assurances from the Fed or anyone else that inflation was anchored. Instead, what does explain much of the decline is the simple fact that most workers nowadays cannot protect themselves by bargaining for higher wages. The article then takes up the obvious question of why steep rises in interest rates have not so far led to big rises in unemployment. We show that recent arguments by Benigno and Eggertson that shifts in vacancy rates can explain this are inconsistent with the evidence. The biggest factor in accounting for the strength in the economy is the continuing importance of the wealth effect in sustaining consumption by the affluent. This arises, as we have emphasized in several papers, from the Fed’s quantitative easing policies. Absent sharp declines in wealth, this wealth effect is likely to feed service sector inflation in particular, even as a majority of households in America’s dual economy find themselves mired in recessionary conditions. Journal: International Journal of Political Economy Pages: 311-341 Issue: 4 Volume: 53 Year: 2024 Month: 10 X-DOI: 10.1080/08911916.2024.2419240 File-URL: http://hdl.handle.net/10.1080/08911916.2024.2419240 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:53:y:2024:i:4:p:311-341 Template-Type: ReDIF-Article 1.0 # input file: MIJP_A_2459395_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20250326T224308 git hash: 0183536115 Author-Name: Facund Fora-Alcalde Author-X-Name-First: Facund Author-X-Name-Last: Fora-Alcalde Title: International Productivity Leakages: A Theoretical and Empirical Analysis of Pasinetti’s Notion Abstract: As a consequence of international trade, the goods and services that can be used in a given country do not necessarily coincide with those that are produced within its borders. In these circumstances, improvements in the terms of trade can act, like technical progress, as a means to increase the amount of commodities available in an economy without further use of its resources. This was early emphasized by Pasinetti, who described the possibility of international leakages of productivity. Following his remarks, this paper develops a novel methodology with which to measure the quantity of goods that become available in an economy as a result of both its production and exchange processes. This method, together with a structural decomposition analysis, is used to calculate international productivity leakages, employing the OECD’s Inter-Country Input-Output tables and Trade in Employment data. The results indicate that these leakages can be relevant in hampering or fostering nations’ material prosperity. Journal: International Journal of Political Economy Pages: 128-153 Issue: 1 Volume: 54 Year: 2025 Month: 1 X-DOI: 10.1080/08911916.2025.2459395 File-URL: http://hdl.handle.net/10.1080/08911916.2025.2459395 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:54:y:2025:i:1:p:128-153 Template-Type: ReDIF-Article 1.0 # input file: MIJP_A_2469946_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20250326T224308 git hash: 0183536115 Author-Name: Mark Glick Author-X-Name-First: Mark Author-X-Name-Last: Glick Author-Name: Gabriel A. Lozada Author-X-Name-First: Gabriel A. Author-X-Name-Last: Lozada Author-Name: Darren Bush Author-X-Name-First: Darren Author-X-Name-Last: Bush Title: Antitrust’s Normative Economic Theory Needs a Reboot Abstract: Antitrust has adopted a normative economic theory based on maximizing economic surplus. While the theory originates with Marshall, it was introduced into antitrust as the Consumer Welfare Standard by Judge Robert Bork and survives today in virtually every industrial organization textbook. This persistence is unwarranted. Welfare economists abandoned it several decades ago because the theory is inconsistent, and we review those inconsistencies. Moreover, welfare economists and moral philosophers have shown that the theory is biased in favor of wealthy individuals and corporations—the very powers the antitrust law is supposed to regulate. Finally, behavioral economists and psychologists have shown that the model of human behavior behind the economic surplus theory is simplistic and often in conflict with actual human behavior. We argue that antitrust should be brought into alignment with modern welfare economics. We also discuss how the New Brandeis Movement’s proposal to replace the consumer welfare standard with the protecting competition standard could be developed to accomplish this goal. Journal: International Journal of Political Economy Pages: 1-45 Issue: 1 Volume: 54 Year: 2025 Month: 1 X-DOI: 10.1080/08911916.2025.2469946 File-URL: http://hdl.handle.net/10.1080/08911916.2025.2469946 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:54:y:2025:i:1:p:1-45 Template-Type: ReDIF-Article 1.0 # input file: MIJP_A_2476402_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20250326T224308 git hash: 0183536115 Author-Name: Athanasios Kolliopoulos Author-X-Name-First: Athanasios Author-X-Name-Last: Kolliopoulos Title: The “Shallow Supranationalism†of EU State Aid Control in the Era of Crises: The Case of the Financial Sector Abstract: State aid control is one of the few supranational policy domains from the very beginning of the European Economic Community. The EU Commission’s central role to protect the internal market was reaffirmed during the crises of the past fifteen years. However, the absence of an EU permanent central fiscal capacity means that state aid measures remain practically the only way to protect member states' domestic business. In the banking sector especially, the EU Commission has deployed a very relaxed stance against the governments’ support to banks. On the other hand, the European Banking Union endorses a more supranational character. This contradiction produces many implications for the EU rescue and resolution framework, and for the internal banking market as well. To strike a balance, the Commission holds its de jure centralized role, but member states assume de facto the command of domestic state aid strategies. Therefore, a “shallow supranationalism†is emerging. Journal: International Journal of Political Economy Pages: 89-108 Issue: 1 Volume: 54 Year: 2025 Month: 1 X-DOI: 10.1080/08911916.2025.2476402 File-URL: http://hdl.handle.net/10.1080/08911916.2025.2476402 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:54:y:2025:i:1:p:89-108 Template-Type: ReDIF-Article 1.0 # input file: MIJP_A_2464973_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20250326T224308 git hash: 0183536115 Author-Name: Jeronim Capaldo Author-X-Name-First: Jeronim Author-X-Name-Last: Capaldo Author-Name: Özlem Ömer Cender Author-X-Name-First: Özlem Author-X-Name-Last: Ömer Cender Title: Trading Away Development: Context and Prospects of the EU-Mercosur Agreement Abstract: When assessing the economic effects of a new free trade agreement, projections with Computable General Equilibrium models have long been considered the gold standard. However, these models are usually constructed in a way that excludes negative outcomes on employment, inequality and economic development. Alternatively, simpler statistical analysis may be more informative. In this article, we take up the proposed EU-MERCOSUR agreement as an example and propose a method that can be easily replicated to analyze the sector-level composition of the participating economies and the implications for growth, employment, inequality and development. Our analysis points to the emergence of dual economies in most countries, low productivity, and low-wage sectors expanding too fast, a trend that can be aggravated by trade liberalization. Journal: International Journal of Political Economy Pages: 46-88 Issue: 1 Volume: 54 Year: 2025 Month: 1 X-DOI: 10.1080/08911916.2025.2464973 File-URL: http://hdl.handle.net/10.1080/08911916.2025.2464973 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:54:y:2025:i:1:p:46-88 Template-Type: ReDIF-Article 1.0 # input file: MIJP_A_2461550_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20250326T224308 git hash: 0183536115 Author-Name: Riccardo Zolea Author-X-Name-First: Riccardo Author-X-Name-Last: Zolea Title: Interest Rate and Wages: The Distributional Role of Bank Credit to Workers in the Surplus Approach Abstract: The large majority of theoretical contributions on the nature of the relationship between the rate of profit and the rate of interest – the Classics and Marx, but also more recent contributions inspired by them – assume that the interest rate is a part of the profit rate, and thus that credit is only targeted at firms. Over time, however, credit toward consumption and for the purchase of housing by workers has taken on greater and greater economic weight, thanks also to financialization. This paper therefore aims to study this issue from a theoretical point of view, analyzing its premises and implications. After investigating the necessary conditions for credit to workers from both the demand side (workers) and the supply side (commercial banks), an attempt is made to analyze the functional distributional effects of a variation in the interest rate, at a high level of theoretical abstraction. Although the picture is rather complex, it seems possible to identify, at least in the short run, a clear inverse relationship between the interest rate and the real wage, passing through the increase in the price of commodities that can be reasonably considered within the basket of commodities of the real wage. Journal: International Journal of Political Economy Pages: 109-127 Issue: 1 Volume: 54 Year: 2025 Month: 1 X-DOI: 10.1080/08911916.2025.2461550 File-URL: http://hdl.handle.net/10.1080/08911916.2025.2461550 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:mes:ijpoec:v:54:y:2025:i:1:p:109-127